In brief
- Reddit is trialing crypto-based community points for a popular Fortnite subreddit.
- You can convert those points for cash.
- The road is long and hard.
We do the research, you get the alpha!
Regulars of the 1-million-strong Fortnite subreddit can trade their crypto-based community points—earned from contributions such as memes, high-quality comments, and fan-made art—for cash.
Reddit has trialed cryptocurrency rewards on the community-run subreddit for Fortnite, r/FortNiteBR, as well as on r/CryptoCurrency, since May.
The subreddit’s cryptocurrency, “Bricks”, runs on a test version of Ethereum known as “Rinkeby.” Testnet coins aren’t supposed to have value; indeed, you can request the Rinkeby version of Ethereum tokens for free.
Still, it’s possible to sell the Bricks on a new decentralized exchange, Honeyswap. There, the coins have real value. Granted, not much: a single brick is worth $0.03, and a single transaction costs $8.89.
The thing is, it’s really complicated to sell these coins and those transaction fees may not make it worth your while. It’s also slightly easier, though still very complicated, to sell the MOON cryptocurrency earned on r/CryptoCurrency because people have written software that makes the whole thing less of a minefield.
The Fortnite experiment is more popular. According to DappRadar, 36,770 Brick holders have made 65,291 transfers. On r/CryptoCurrency, there are 7,973 holders of MOONs and 16.748 transfers.
How to sell your BRICKs
Selling Bricks is far from simple, but here’s the nuts and bolts of it, per a guide on the r/CryptoCurrency subreddit:
First, send Bricks to your MetaMask wallet. MetaMask is a popular browser-based crypto wallet. You’ll have to add BRICK as a custom token in your wallet, using the following address: “0xe0d8d7b8273de14e628d2f2a4a10f719f898450a”.
Second, you’ll need to get some cryptocurrency to pay the gas fees. You pay gas fees to the network to process your transaction.
For this, you’ll need some Rinkeby ETH—remember, you can get that for free—and some xDAI. xDAI is a version of DAI, a US dollar-pegged stablecoin. This is a cryptocurrency whose value is equal, more or less, to the US dollar. You can swap DAI for xDAI. xDAI is the same as DAI, only it’s based on an Ethereum sidechain.
Third, you’ll have to convert your Bricks to tokens supported by the xDAI sidechain. That means you’ll have to convert them to xBricks. To do this, enter the Rinkeby address for Bricks (above) in MyEtherWallet, and paste this in the ABI/JSON interface:
Instead of “spender”, put this: “0xD925002f88279776dEB4907bA7F8dC173e2EA7a7”. Instead of “value”, enter the number of BRICK tokens you want to convert in wei. Wei is a unit of Ethereum gas. One BRICK = 1000000000000000000 wei. Then click write and confirm the transaction on MetaMask.
Then put the above contract address in address and then paste the following in the ABI/JSON Interface:
Continue, select an item, pick relayTokens, put your address in "receiver", in "_value" enter the "a7" address mentioned above, then write and convert on MetaMask. Then switch to xDai and add xBRICK using x2f9ceBf5De3bc25E0643D0E66134E5bf5c48e191 as the contract address.
Then, you can sell it on Honeyswap, and then from there cash out. To cash out, convert these tokens back into regular tokens (xDAI to DAI), and from there sent to an exchange and withdraw to fiat.
Who said Reddit was a waste of time?