Moon and Brick, two tokens created by customers of social media platform Reddit, are up 48% and 443%, respectively, prior to now week after being listed on cryptocurrency trade Kraken.
In an Aug. 7 announcement, Kraken introduced the itemizing of Moon and Brick for spot buying and selling and perpetual futures. On the time of publication, customers might solely deposit the 2 tokens through the Arbitrum Nova community.
Moon is a group token created for the r/CryptoCurrency subReddit. Tokens are given as rewards for customers’ feedback and posts. Customers can even trade Moon for badges and emojis to be used inside within the subReddit. The token additionally grants voting rights for r/CryptoCurrency group polls.
In the meantime, Brick is a group token created for the namesake Battle Royale Sport’s subReddit r/FortNiteBR. Bricks are saved in Reddit’s native crypto pockets, Reddit Vault, and distributed to customers primarily based on their Karma, or fame factors, each 4 weeks. Bricks can then be exchanged for particular memberships and unlock options inside r/FortNiteBR.
On the time of publication, Moon has a totally diluted market cap of $44.3 million, whereas Brick has a totally diluted market cap of $17.0 million. The r/CryptoCurrency subReddit has 6.6 million members in comparison with 2.7 million for r/FortNiteBR.
Since 2021, Reddit has been launching its cryptocurrencies as a part of the Reddit Group Factors (RCP) initiative to incentivize content material manufacturing. When customers trade their group tokens for rewards, Reddit will cowl the gasoline price wanted for the transaction. As well as, token holders can take part in governance proposals that introduce new performance to the tokens.
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