By
Chimamanda U. Martha
April 22nd, 2024
Reddit said that it will continue to fund projects from its Community Funds Program that bring new ideas to the market. It will further evaluate projects based on three major factors: “creativity, feasibility, and community impact”.
On Monday, April 25, Reddit announced the launch of its Community Funds Program along with a $1 million upfront investment. Over the last six months, Reddit has been experimenting with this program. Besides, the platform has also been offering financial support to its users to bring ideas and projects to life.
Reddit Community Funds Program
During the experimentation phase, Reddit has reportedly funded 13 projects nominated by communities on the platform. Some of the funded projects included a digital conference for history buffs, a comics tournament, and a community-designed musical artist billboard in Times Square.
Reddit said that the additional $1million investment will help to foster more opportunities. The company also added that Community Funds aligns with its mission of bringing the community together and empowering everyone around the world.
In the official blog post, Reddit notes:
“We believe that empowering communities to do more by awarding funds to support their best ideas is one way we can accomplish this”.
Laura Nestler, Reddit Vice President of Community added:
“Sometimes it just takes a little boost to make a great idea come to life, and we want to help communities find that support”.
Starting June 2022, Reddit will start inviting communities for submitting ideas for events, projects, and contests. Furthermore, it will accept nominations for projects needing funding anywhere between $1,000 to $50,000. The project selection criteria includes three major factors: “creativity, feasibility, and community impact”.
Reddit and Crypto
Apart from steering ahead community developments, Reddit will be one of the vocal proponents of the crypto market. Furthermore, it is taking up several initiatives in the emerging blockchain space.
Earlier this year, Reddit confirmed riding on the NFT bandwagon. A Reddit spokesperson confirmed that the company has been testing the implementation of the NFT profile picture. However, all these tests have been internal and Reddit has yet to come with any official decision on this matter.
On the other hand, the Reddit co-founder is taking up an ambitious project on building social media platform on the Solana blockchain network. The company has already announced a staggering $50 million investment for this project. The demand for decentralized social media is on the rise with the rapid spread of misinformation and fake news.
Furthermore, last December 2021, Reddit announced its filing for an IPO with the US Securities and Exchange Commission (SEC).