On Monday, Reddit unveiled a contributor programme that offers users the opportunity to Earn money on Reddit for their accumulated virtual points. Eligible users now have the opportunity to convert their Reddit gold and karma into fiat currency, which will be disbursed on a monthly basis. It is important to note that the currency disbursed is not in the form of cryptocurrency.
Currently, the Reddit contributor programme is initially available exclusively to users residing in the United States. To participate, individuals must be at least 18 years old and capable of verifying their identity through Persona and Stripe. In order to be eligible for monetization, or to Earn money on Reddit. it is required that accounts have a minimum age of 30 days. Additionally, only posts that are deemed safe for work are eligible for monetization.
The amount of money an individual can earn is determined by their Reddit karma, which represents the number of upvotes they have received. In order to initiate a withdrawal, users on Reddit are required to accumulate a minimum of 10 gold within a 30-day timeframe. If the specified threshold is not met, the remaining balance will be carried forward to the subsequent period. Users with karma ranging from 100 to 4,999 will be entitled to a remuneration of $0.90 for every 1 gold earned. Once an individual accumulates a karma score exceeding 5,000, they become eligible to receive a monetary compensation of $1 for each gold earned.
Twitter, now referred to as X, has recently introduced a creator monetization programme that enables select creators to generate ad revenue based on the impressions garnered by their posts. However, there are concerns regarding the potential for programmes of this nature to encourage the dissemination of spam content or the use of manipulative tactics to generate engagement, commonly referred to as “engagement bait.”
Reddit is implementing a revised system for the allocation of gold awards which help users earn money on Reddit. Previously, users had the option to purchase coins, which could subsequently be utilised for the acquisition of gold or other commendations. These commendations could then be bestowed upon posts of exceptional quality. Reddit has made the decision to sunset the awards and coins system in order to streamline the process of obtaining gold. Users now have the option to perform a long-press action on the upvote icon within the application or hover over it on desktop to initiate the purchase of gold. The pricing for gold begins at $1.99 for a single unit and ranges up to $49.00 for a bundle of 25 units. According to the current compensation structure, top users receive $1.00 per gold, indicating that Reddit retains approximately 50% of the payment. Although these features will be gradually implemented on the app, they will not be accessible on the web until later this year.
The introduction of these updated payment programmes comes at a period of upheaval for Reddit, as certain segments of its user community continue to express dissatisfaction with recent API changes. These changes have rendered it financially impractical for numerous developers to create applications on the Reddit platform. Several widely-used third-party applications, including Apollo, Reddit is Fun, ReddPlanet, and Sync, have ceased operations following the implementation of these modifications.
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