Reddit MOON tokens and related initiatives, such as MOON farming, create adoption narratives for various Reddit users. Some even consider choosing farming over working full-time in a corporate sector. But can the expectation meet the reality given the stagnant price movement?
The r/Cryptocurrency subreddit is one of the largest and most active online cryptocurrency communities. MOON is the official cryptocurrency awarded to those who post, comment, and contribute there. Reddit first announced these ‘community points’ in May 2020 with the help of the cryptocurrency subreddit moderators.
Six months ago, an announcement was made that MOONs would be moving to the Arbitrum network to enjoy scaling benefits like faster and more efficient transactions.
Despite the crypto downtrend of 2022, MOONs are now trading for $0.148. And because these tokens can now be easily traded on the open market, many users are trying to scoop up as many as they can.
Understanding How MOONS Work
There is a maximum supply of 250 million MOONs. Each month, 40% of the allotted tokens are distributed to the community pool, 10% go to the moderators, and the remaining 50% go to the subreddit’s contributors.
There are also some situations where MOONs are burned. These burn funds are removed from distribution and thus allow the issuance of new coins up to the 250 million outstanding maximum.
Rewarding Initiatives for the Community
MOONs are rewarded to Reddit accounts that post quality content to the cryptocurrency subreddit. If a user creates quality posts and responds with helpful comments that receive upvotes from the community, they will be rewarded with MOONs. The specific amount they receive will be based on their total weighted karma compared to others and the distribution of MOONs for the round. One can also earn MOONs by participating in special events and promotions. For example, the community regularly hosts a trivia session where the winners receive MOONs.
MOONs can also be used to tip other Redditors, burned for special memberships, or used to purchase special forum badges. MOONs also give voting rights in crucial governance polls. Community governance polls allow Redditors to vote on a proposed subreddit rule change.
Moon Farming: A Growing Trend
‘Farming’ is the term used for those who are very active in the cryptocurrency subreddit to earn as many MOONs as possible. Students and even working professionals have shared their strategies and reasons for MOON farming on Reddit.
One user shared a blog that read:
Another user allegedly made $400 in MOONs over the span of a few months by writing relatable Reddit posts:
“For me, it’s the hit of the upvote – the childish part of me that never stopped waiting for the approval of authority figures telling me I’ve done something right or good or praiseworthy. That is probably also why I’ve closed past accounts when they hit 10,000+ upvotes because mission accomplished.”
Some have even calculated what it would take to turn MOON farming into a full-time job:
Another fellow supporter shared a chart highlighting the number of MOONs one would need to make to match the minimum wage in many different countries:
The user suggested that:
“Crypto can make you really rich or broke overnight. Invest/play within your means. For those looking to pump and dump and get rich in 3 days, what you can potentially lose could be someone’s years of livelihood. So… keep farming.”
Whether or not this is actually viable as a full-time job, it can provide a way for those facing financial hardships to earn a little bit of extra money.
Talking more on advantages, one MOON farmer who goes by the handle ‘CryptoDgen’ opined:
“My biggest pro is that Moons aren’t even “real” yet. Sure, they are confirmed because we hold them in our vault and earn them monthly, but their use cases and ease of exchange have barely scratched the surface.”
The demand is already there as people hustle for upvotes with posts and comments. ‘Imagine what the demand will be when there are a million things you can do with your MOONs. Reddit can quickly start their economy, marketplace, you name it with MOONs,’ the user told BeInCrypto.
But are there any disadvantages or downsides? While there were no shortages of users openly talking about the perks, only a few had anything negative to say:
What Does the Future Hold?
Nonetheless, the space for growth is immense as the traction continues. Some even shed light on trading MOONs rather than earning, but it remains in its nascent stage. For instance, one Reddit user named ‘Max3141 said: “I can’t tell you much about trading MOONs since I mostly earn them. But the recent price increase is caused by mods adding new utilities to the token, like MoonPlace and the purchase of the banner.”
Overall, Reddit crypto efforts so far have been great success between Reddit community points going mainnet and the massive success of Avatars in 2022. Reddit’s plans for crypto integration will likely only continue to grow, especially as the social platform moves forward with plans to go public.
Following the Trust Project guidelines, this feature article presents opinions and perspectives from industry experts or individuals. BeInCrypto is dedicated to transparent reporting, but the views expressed in this article do not necessarily reflect those of BeInCrypto or its staff. Readers should verify information independently and consult with a professional before making decisions based on this content.