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Journalist
Sead Fadilpašić
Journalist
Sead Fadilpašić
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Why Trust Cryptonews
Reddit’s r/cryptocurrency has partnered with Unstoppable Domains, a major on-chain domains and digital identities provider, to launch .MOON as the first Reddit community-based Top-Level Domain (TLD).
According to the press release, the collaboration represents “a major shift in how social media communities can establish their on-chain presence.”
Reddit Goes Crypto with New Domain Launch
More precisely, Unstoppable is backing CCMOON DAO, providing the popular subreddit’s 9 million cryptocurrency users with their own .MOON domain.
Additionally, .MOON leverages the Polygon blockchain for fast and low-cost transactions.
The teams argue that the partnership benefits individuals, brands, and companies, allowing them to use familiar and user-friendly internet infrastructure.
“It bridges decentralized technology and traditional web experiences, empowering users to explore the advantages of both,” they said.
Each user can create their own unique, immutable digital profile. They can also send and receive crypto and non-fungible tokens (NFTs).
Moreover, they gain access to over 865 blockchain applications and wallets. This allows them to create and manage their immutable digital profiles across various platforms.
This results in two more connected benefits, the press release noted.
On the one hand, users can execute various transactions across chains, access decentralized apps (dapps) within the Unstoppable Domains ecosystem, get exclusive collectible badges, and more.
On the other, their identities act as unique identifiers of affiliation within the Reddit crypto community. This enables them to promote the Web3 space and onboard new users.
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MOON’s 217K Holders
Per the press release, this collaboration is “a major step forward in bridging a popular community from one of the world’s largest social platforms with the Web3 ecosystem.”
The community currently has 9 million members and more than 217,000 token holders.
Major crypto companies buy and burn Moons to advertise on r/CryptoCurrency, the site says.
It recorded more than 50 advertisers and 2.6 million MOONS burned.
John Murphy, Treasurer of MOON DAO, commented that the partnership with Unstoppable Domains allows the community “to expand beyond Reddit.” It makes it easier for the members “to establish digital identities and engage with the on-chain ecosystem.”
Sandy Carter, Chief Operating Officer at Unstoppable Domains, added that r/cryptocurrency community can now move “beyond Reddit to engage new users across decentralized applications.”
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