Lightnews — Scholar-powered news

web3 is going just great

@web3isgoinggreat.com

21K followers 1 following 770 posts

tracking only some of the many disasters happening in crypto, defi, NFTs, and other blockchain-based projects since 2021 • created by @molly.wiki

web3isgoinggreat.com

Posts Replies Media Videos

web3 is going just great

@web3isgoinggreat.com

it was also a huge spam problem
bsky.app/profile/web3...

web3 is going just great @web3isgoinggreat.com · Oct 17

Reddit abandons blockchain-based Community Points

October 17, 2023
https://web3isgoinggreat.com/?id=reddit-abandons-blockchain-based-community-points

Reddit abandons blockchain-based Community Points
Reddit's attempt to blockchainify their signature Reddit karma has come to an end as the company has decided to pull the plug on the feature. The idea was that users could "own a piece of their community" (what?) by racking up points for their positive contributions, which they could then spend on perks like custom badges.
Reddit attributed the decision to scaling difficulties, regulatory uncertainty, and the quantity of resources the company found itself having to put into the feature. The tokens were only used on a handful of subreddits, and the team had migrated them from the Ethereum blockchain to the Arbitrum Nova L2 chain, but despite that scaling continued to be a problem.

The news caused a massive dive in the prices of $MOON and $BRICK, the two Reddit tokens, as holders tried to exit their positions before the tokens became useless. Some angrily accused Reddit of rug-pulling, threatening legal action. One wrote, "I wish you guys knew how reckless this decision is and how many people you've hurt." Some accused subreddit moderators of selling when they learned about the decision an hour before it was made public. Others were delighted at the news, however. One wrote, "Thank the effing Lord. This moons caused so much shit tier spamming for over a year."

October 14, 2025 at 11:54 PM

web3 is going just great

@web3isgoinggreat.com

Before Futureverse bought Candy Digital, sports company Fanatics had sold its majority stake in the company, saying that "it has become clear that NFTs are unlikely to be sustainable or profitable as a standalone business. ... [W]e realize[d] things aren’t working."

Sports company Fanatics jettisons its majority stake in NFT company Candy Digital

"Over the past year, it has become clear that NFTs are unlikely to be sustainable or profitable as a standalone business," wrote CEO Michael Rubin in an internal email explaining the decision to sell ...

www.web3isgoinggreat.com

September 30, 2025 at 8:21 PM

Light upyour news

Sign in to Lightnews

Sign up to start reading

Connect Bluesky

Connect with Bluesky

Light up
your news