News aggregation platform, Reddit has announced that the platform is shutting down its coins and awards programme.
Users have in the past had the option to buy Reddit Coins and use them to buy awards for other users.
Reddit claims that as of right now, users won’t be able to buy fresh coins, but all prizes and already-issued coins will still be usable until September 12, 2023.
Reddit stated in a blog post that this change will simplify its platform.
“It’s become clear that awards and coins as they exist today need to be re-thought, and the existing system sunsetted,” the company wrote in a blogpost.
According to the company, people don’t like the “clutter from awards and all the steps that go into actually awarding content.”
As a result, it is planning to revamp how rewards operate on its platform, although it did not offer any details on what the new system would entail.
Reddit first introduced Reddit Gold, which later changed when new rewards including Reddit Silver, Platinum, Ternium, and Argentium were launched. Currently, the portal offers more than 50 different categories of rewards.
In the upcoming months, Reddit promises to provide more information about a “new direction for awarding that allows Redditors to empower one another and create more meaningful ways to reward high-quality contributions on Reddit”.
Reddit’s most recent statement comes as the company is still receiving criticism for its choice to start charging developers for use of its API.
