Reddit Launches Contributor Program, Offering Real Money in Exchange for Gold and Karma

The renowned social networking platform Reddit is launching a new contributor program that will let users to turn their Reddit gold and karma into actual money. Reddit announced the change in a blog post, along with a new streamlined way to recognize content on its site with Reddit gold. Eligible Redditors will get monetary compensation for their efforts on a monthly basis. Reddit gold is given to users by other Redditors in exchange for their content on the platform, whereas karma — the number next to a user's username on Reddit — is earned over time by posting and commenting.

On Monday, Reddit introduced the contributor program, which promises actual (fiat) money to eligible redditors and mods in exchange for their efforts to the network. A eligible Redditor must be at least 18 years old, reside in a supported area, and have a Reddit account. "Once enrolled in the program, redditors will receive monthly payments." "A redditor's earnings are calculated based on the amount of karma earned and gold received on their eligible contributions," according to a blog post on Reddit.

The contributor program is now available in the United States on the Web, iOS, and Android Reddit applications. Users may access the program through their profile menu, where qualified users can enroll by tapping the 'Get Verified to Start Earning' button. Reddit has not disclosed any information on the payment for users.

The business has also streamlined the process of giving Reddit gold to users. With the new gold system, users can select from a pop-up menu of six gold awarding options, ranging from $1.99 (roughly Rs. 165) for one gold to $49.00 (roughly Rs. 4,077) for 25 gold by long pressing the upvote icon on mobile (or hovering over it on desktop) directly within the post or comment they want to reward. This results in a golden upvote rather than a standard one. This functionality is now only accessible in a few communities on Reddit's native mobile applications, but it will be available in more communities in the coming weeks. Later this year, the new gold system will be available on the Web.

Reddit is attempting to compensate its contributors months after dozens of prominent subreddits went silent in protest over the company's proposal to charge for data access. Reddit now charges third-party app developers for access to its application programming interface (API). As a result, many popular third-party programs for the platform, like Apollo, have had to shut down. Apollo has stated that the charges will cost them more than $20 million (approximately Rs. 160 crore) each year based on their existing consumption.

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