Reddit discards the content rewarding system, a monetized offering

Reddit is reworking how content and contributions are rewarded on the platform, and has made a decision on sunset coins (including Community coins for moderators) and awards (including Medals, Premium Awards, and Community Awards), which also impacts some existing Reddit Premium perks.

A representative from the Reddit Product Team announced that users will no longer be able to purchase new coins, but all awards and existing coins will continue to be available until September 12, 2023.

Reddit Awards have been an engaging expression to appreciate Feed Posts and user-generated content, and also a source of revenue generation. It was initiated with Gold, then evolved to Silver, Platinum, Ternium, and Argentium, and more. The platform has considered the feedback along with the appreciation for the feature. For instance, several users don’t appreciate the clutter from awards (50+ awards) and all the steps that go into actually awarding content. Second, redditors want awarded content to be more valuable to the recipient.

The Reddit representative mentioned, "It’s become clear that awards and coins as they exist today need to be re-thought, and the existing system sunsetted. Rewarding content and contribution (as well as something golden) will still be a core part of Reddit. We’ll share more in the coming months as to what this new future looks like".

Why is Reddit making these changes?

The platform mentioned early this year that they want to both make Reddit simpler and a place where the community empowers the community more directly.

With simplification in mind, they’re moving away from the 50+ awards available today. Though the breadth of awards has had a mixed reception, it is also a way that many redditors want to be able to recognize high-quality content.

This is why rewarding good content will still be part of Reddit. The new development is in the process of early testing and feedback, so no official details have been shared yet.

Also Read: Reddit updates: New features aims to simplify use

What’s changing exactly?

• Awards - Awards (including Medals, Premium Awards, and Community Awards) will no longer be available after September 12
• Reddit Coins - Coins will be deprecated since Awards will be going away. Starting today, users will no longer be able to purchase coins, but they can use the remaining coins to gift awards by September 12.
• Reddit Premium - Reddit Premium is not going away. However, after September 12, they will discontinue the monthly coin drip and Premium Awards. Other current Premium perks will still exist, including the ad-free experience

What comes next?

In the coming months, Reddit will be sharing more 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.