American social media giant Reddit may soon convert users' karma points into Ethereum-based (ERC-20) tokens and onboard 500 meg new crypto users in the process, according to a newly hired Reddit engineer.

A series of tweets made by Reddit engineer, Rahul, highlights Reddit's efforts to ameliorate user interaction through various cryptocurrency initiatives. As Cointelegraph reported in July 2022, the platform had launched its own layer-two rollup using Arbitrum engineering science for its rewards points, named Community Points. According to the website:

"Your Community Points exist on the blockchain, independently of Reddit, where they tin just be controlled past you (but like Bitcoin (BTC) !)."

Reddit's partnership with Offchain Labs' Arbitrum network will allow for the creation of a separate blockchain instance, to be used for storing users' tokenized community points.

Currently, the customs points of roughly 80,000 users from two subreddits — r/cryptocurrency and r/FortNiteBR — have been moved to the Rinkeby Testnet on the Arbitrum network, which, according to Rahul, will be scaled for gasless transactions:

Moreover, Reddit communities will as well accept the power to fork blockchains through community-based decisions, in addition to allowing the scope to explore new monetization strategies with Web 3.0.

"When nosotros all pull this off, we would onboard 500M web2 users into web3 then there is no going dorsum. Allow me say that over again - 500 meg new crypto users."

Related: Reddit may exist preparing to launch its own NFT platform

Reddit has been dwelling to a number of community-driven crypto initiatives including Dogecoin (DOGE) fundraisers and continues to cater to a vast crypto community.

On Oct. 22, Cointelegraph reported on Reddit'south spotter for a senior backend engineer for a platform responsible for "millions of users to create, buy, sell and utilise NFT-backed digital goods." Co-ordinate to Reddit via the job posting:

"With every new NFT project, a vibrant community of owners pops upwards with it. Over time, nosotros believe this will merely abound, and NFTs will play a key role in how fans support their favorite creators and communities."

Other social media platforms including Twitter and TikTok take also started assuasive NFT exposure to its users, signaling a bigger possibility of crypto's mainstream adoption.