Reddit has launched a "Contributor Program" that pays members for viral material to encourage users to publish interesting and viral content on the social media platform.
Users who sign up for the Reddit Contributor Program will get monthly compensation depending on their participation and contributions to the social media site, according to PC Mag. Their qualifying contributions' "gold" determines the profits, with karma points as a supplementary factor in calculating prospective rewards.
Reddit uses gold as a type of payment to honor excellent quality posts. Reddit has updated its gold currency as part of the initiative, making it accessible to all users for $1.99 per coin rather than exclusive to Reddit Premium members. Participants in the Reddit Contributor Program will get rewards from these gold coin transactions.
How to Earn?
According to The Verge, the following formula is used to determine profits under the Reddit Contributor Program:
Users may earn $0.90 for each gold received in a month if they have accumulated 100 to 4,999 karma points during the previous 12 months. A slightly higher rate of $1 per gold is available to those with 5,000 karma points or more.
However, a verification procedure exists for joining the Contributor Program: personal information, including legal name, date of birth, and government ID, is required. To get reimbursements via Stripe, Reddit's payment processor, they must additionally provide a Social Security Number or Individual Taxpayer Identification Number.
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Who are Qualified for Reddit's Contributor Program?
Notably, Reddit only allows users in "good standing," which means they do not violate the site's rules, to participate in the Contributor Program. Additionally, postings with explicit material or those published in Not-Safe-For-Work (NSFW) forums will not qualify for payments. Only posts that are safe for work may be monetized.
Only users in the United States who are over 18 and can prove their identification using Persona and Stripe are currently eligible for the Reddit Contributor Program. Reddit accounts must be at least 30 days old to qualify.
For more details on the program, check this Reddit update.
Starting on Monday, both Reddit's web version and mobile applications will provide access to the Contributor Program. Users' profiles may be used to determine if they are eligible for the program.
Reddit is now experiencing upheaval as a result of recent API changes that have impacted third-party app developers and caused the closure of well-known applications like Apollo and Reddit is Fun, according to TechCrunch. These changes to the platform's payment mechanism coincide with this issue.
Reddit's outdated Reddit Gold system has been overhauled, but some users have complained about the modifications, which has heightened their annoyance with the platform's price hikes for APIs. Reddit looks to be proceeding with its content creation incentives despite criticisms.
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