X’s move to pay users for the content they post has proven successful in driving more Blue subscriptions. Now, in a similar development, Reddit is launching a new contributor program where users can convert their virtual achievements, such as Reddit gold and karma, into tangible monetary rewards.
So, how does the program work?
Similar in essence to X, the amount of money users can earn on the platform will depend on their Reddit karma, which reflects the upvotes received on their posts and comments. When talking about the conversion rate, users with karma ranging from 100 to 4,999 will earn $0.90 for each gold point, while users with 5,000 karma or more can earn $1 for every gold point accumulated. However, it’s important to note that users need to accumulate a minimum of 10 gold points within a 30-day timeframe to cash out their earnings; otherwise, their earnings will carry over to the subsequent month.
“Starting today, we’re introducing an update to Reddit gold and rolling out a new program where qualifying redditors, including mods, can be rewarded with money for their contributions to Reddit,” reads Reddit’s blog post.
Eligibility criteria
To be eligible for the program, which is currently only available in the US, participants must be at least 18 years of age and verify their identity through Persona and Stripe. Additionally, individuals must maintain an account “in good standing” and meet predefined karma thresholds.
Furthermore, users can check their eligibility for the Contributor Program by navigating to the program page via their profile menu. If they meet the requirements, they will find the “Get Verified to Start Earning” button.
Simplifying the process
In addition to the contributor program, Reddit is also implementing major changes to the gold system and its user interface, as posts will now display a gold upvote icon in place of the standard one. Moreover, instead of having to purchase coins to buy gold or other awards, users can now directly purchase gold. Prices start at $1.99 for one gold and go up to $49.00 for 25 gold, therefore suggesting that the platform retains approximately 50% of the payment.
2023-09-26 15:05:38