Reddit is transforming from a forum operator to a blockchain company

Reddit is transforming itself from a forum operator to a blockchain companyThe forum platform Reddit is now worth more than ten billion US dollars. The operators use the wisdom of their customers to position themselves for the future. That works very well.

Reddit is a veteran of the internet and has been online since 2005. The company, which was bought just one year after it was founded by the Condé Nast publishing group, which is now part of Advance Publications, has developed rather slowly over the years. As the “home page of the Internet”, the startup was initially promoted by the Y Combinator incubator. The concept of the business model based on user-generated content has only been adapted since then, but never significantly changed. The income is still largely derived from advertising placed on the platform.

Reddit is consistently going in the direction of blockchain In fact, there are currently almost 140,000 forums on Reddit, which are not called forums, but subreddits and deal with all conceivable topics. ( However, Reddit clearly owes the breakthrough in public perception to the subreddit Wallstreetbets, whose users started the so-called Gamestop rally in January 2021, as a result of which various stocks set to new heights. That year, Reddit managed to increase its market valuation from around three to initially six and then to over ten billion dollars. The company gratefully took up the financial focus, which now also includes crypto currencies, and from then on positioned itself at the spearhead of the decentralized Web3. Most recently, Reddit caused a sensation when it announced that it would tokenize its community points system completely, i.e. switch to the blockchain.

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