Weekly news: 01. — 07. November

Reddit and its plan with karma points, gaming fund by Solana Venture and Brazilian proposal for payment in BTC.

Reddit wants to tokenize karma points

Well known American web forum Reddit, used for sharing new content and discussing different topics, wants to tokenize its karma points. On Reddit karma points are something as a like on Facebook (now Meta). If you post something and people like it, you get positive karma points and thanks to that your post will be shown to more people. If your post is not that popular, you will get negative karma points and you wont have that big of a reach.

Now to the main message. Reddit may soon convert these karma points into Ethereum-based tokens. If that happens it would bring 500 million new crypto users along with the process. To achieve this Reddit partnered up with Offchain Labs to develop blockchain for this purpose. No date or anything closer was announced, but if it becomes reality it could really help the world in implementing blockchain technology in everyday lives.

Solana Ventures and $100M gaming fund

Solana Ventures, Lightspeed Venture Partners, and FTX announced onFriday that they are making $100 million fund for investing in startups which are focused on developing blockchain gaming studios. This comes few days after Facebook was renamed to Meta and Metaverse was announced. Developers believe that the involvement of crypto into the world of gaming could bring many more people to the crypto world.

This fund will be mainly used for investing into the companies which are developing or are somehow connected to development of blockchain in gaming studios, technology companies and other projects. Company Lightspeed Venture Partners has already invested over $300 million into gaming (Epic Games) and cryptocurrency companies like Wintermute, FTX and Offchain Labs. Just to give you an idea, gaming market is said to generate over $100 billion in annual revenue this year and this number is expected to double up in the next two years according to some analysts. This amount of money involved in crypto market could make some huge moves and changes.

Brazil proposes crypto payment option

Federal deputy and Brazilian congressman Luizão Goulart proposes bill that would allow workers to get paid in Bitcoin. This bill pursues the option that all Brazilian workers will have an option to change their payment from fiat to cryptocurrency. But even though it sounds tempting, crypto payments can be made only after a mutual agreement between the worker and the employer.

Also according to Goulart this bill focuses on the evolution of finance. From a barter system (exchange system) to fiat (government-issued currency) to cryptocurrencies (BTC). It focuses on the decentralization. If the bill will be signed, it will establish that the worker will get only a percentage of their payment in crypto.