Reddit will allow users to convert Reddit gold into real money as part of its new “Contributor Program.” the company announced on Monday. It also shared details about replacing its old Reddit Gold system that allowed users to show extra appreciation for posts or posts they liked.
Let’s start with the Reddit Gold upgrade, since it is a fundamental part of that Contributor Program. Under the new gold system, you can hold down an upvote button on mobile or hover over it on desktop to be able to purchase gold. Reddit will offer six different purchase options for awarding gold, starting with a $1.99 option to purchase one gold and up to $49 for 25 gold. After you give your gold, you’ll see what Reddit calls a “golden vote” next to the comment or post.
The previous system allowed you to award several different prizes in addition to Reddit gold, including custom prizes for individual subreddits. But Reddit Coins officially disappeared as of September 12, so you can’t use them to award gold under this new system.
I asked Reddit why it wasn’t allowing people to transfer their coins to spend in the new system. “In the past, free and paid coins were distributed, which made it incredibly challenging,” the spokesperson said. said Tim Rathschmidt. “After much consideration, we determined it was best to start from scratch.”
Crucially, if you get a golden upvote, it could contribute to your ability to earn real money with the Supporter Program. If you are eligible for the program and go through a verification process, you will receive monthly payments based on gold and karma you earn from “eligible contributions.”
Here is how Rathschmidt defines “eligible contributions”:
Posts and comments may be awarded gold unless they include sexual content, graphically violent content, or include certain adult themes (e.g. alcohol, gambling). Additionally, Gold cannot be awarded for content posted in a Not Safe for Work (NSFW), Quarantined, or Trauma Support community. Similarly, the content of a redditor’s profile page is not eligible to receive gold; You can only buy it in communities, feeds and on the publication page.
Here’s how Contributor Program payments will work, according to information Rathschmidt shared with The edge:
- At the standard “contributor” level, you’ll get 90 cents for every gold you earn. But to be able to withdraw money, you must have earned a minimum of 10 gold and received between 100 and 4,999 karma over a 12-month period.
- As a “top contributor”, you will receive $1 for every gold you earn. To cash out, you’ll need to beat that 10 gold minimum and earn over 5,000 karma over a 12-month period.
To be eligible for the Supporter Program, you must be 18 years or older, live in a “supported location” (which is initially just the US), and your account must be in “Good condition.” If you’re eligible, the verification process should only take a few minutes, Rathschmidt said. Both regular users and moderators can participate.
With the introduction of the Collaborator Program, thanking a kind stranger for giving you gold takes on a new meaning. The system seems designed to encourage people to post quality content on Reddit (like the types of posts you search for on Google) and potentially earn money for that work.
But I worry that the system could change the culture of Reddit. Part of what makes Reddit so useful is that most great posts aren’t made with the expectation of payment, meaning people are sharing their experience, a helpful tip, or a funny joke just because they want to. That makes me trust them more. The carrot of real money for posts could change the site significantly; just look at the way X (formerly Twitter) has changed in part due to annoying posts from verified X users trying to make cash from their revenue sharing system.
I’m also concerned that bad actors could find ways to abuse the Supporter Program to make a quick buck without making significant contributions. When I asked how Reddit could prevent bad actors from taking advantage of the system, Rathschmidt said that Reddit will use things like internal security signals, Know Your Customer assessments, gold purchase limits, user reports, and audits by administrators ( Reddit employees). I also asked how Reddit will ensure that moderators, who can set rules for posts in their communities, don’t mess with the new program, and Rathschmidt said that moderators who are eligible for the program will have to comply with the Moderator code of conduct and the taxpayer monetization policy.
Reddit’s new Gold system begins rolling out on Monday and will be available in “eligible content” on Reddit’s native mobile apps in select communities, with more communities receiving it “next week.” The feature will be available on the web “later this year.”
The Contributor Program will also roll out starting Monday and will be available on Reddit’s web and mobile apps. You will be able to see if you are eligible to be verified for the program by reviewing your profile.
Some Reddit users were unhappy with the decision to abandon the old Reddit Gold system, adding to frustrations over the company’s introduction of usage-based API pricing that ultimately made some major apps of third parties will close. While site-wide protests over API pricing have largely died down, some users expressed displeasure toward CEO Steve Huffman during the recent run of r/Place’s interactive canvas.
