Reddit's Contributor Program converts gold into real money
What's the story
Reddit has announced a new "Contributor Program" that enables users to earn real-world money by converting Reddit gold into cash.
The platform has revamped its gold system, making it easier for users to show appreciation for posts and comments.
With eligibility requirements in place, this program aims to encourage quality content creation on Reddit.
Details
The updated gold system replaces Reddit Coins
The updated gold system replaces Reddit Coins and associated awards, streamlining the process with gold upvotes.
Users can now purchase and award gold directly from a post, with six different purchase options ranging from $1.99 for one gold to $49 for 25 gold.
Gilded posts and comments will display a gold upvote icon instead of the standard one.
What Next?
Eligibility and earnings in Contributor Program
To be eligible for the Contributor Program, users must be over 18, reside in a supported location (initially only the US), and have an account in good standing.
The verification process is quick, taking only a few minutes. Standard contributors earn 90 cents per gold, while top contributors receive $1 per gold.
To cash out, users must surpass a 10 gold minimum and earn over 5,000 karma within 12 months.
Insights
Balancing incentives and preserving Reddit's culture
The Contributor Program aims to incentivize quality content creation on Reddit.
However, concerns arise that the prospect of earning money could alter the platform's culture, where users currently share expertise and humor without expecting payment.
To prevent exploitation, Reddit will implement safety measures such as internal safety signals, Know Your Customer screenings, gold purchase limits, user reporting, and admin audits.