{"id":18474,"date":"2020-09-28T18:30:03","date_gmt":"2020-09-28T17:30:03","guid":{"rendered":"https:\/\/coinfomania.com\/?p=18474"},"modified":"2024-04-25T08:32:17","modified_gmt":"2024-04-25T07:32:17","slug":"how-to-sell-reddit-moon-tokens-for-crypto","status":"publish","type":"post","link":"https:\/\/coinfomania.com\/how-to-sell-reddit-moon-tokens-for-crypto\/","title":{"rendered":"UPDATED: How to Sell Reddit (MOON) Tokens for Crypto (Step-by-Step)"},"content":{"rendered":"

Reddit has finally launched r\/Cryptocurrency MOON tokens on mainnet<\/a>! If you’re looking for a guide on how to sell Reddit tokens (MOON) for other cryptocurrencies, then you’re in the right place. This article provides a step-by-step guide on how to go from Reddit r\/Cryptocurrency<\/a> Moons to crypto or cash, depending on your choice.<\/p>\n

We conducted a test transaction to make sure the entire process works, and are pleased to share the result of our findings. If you already know about MOON and want to skip the basics, feel free to jump to the guide section<\/a>.<\/p>\n

But if you’re new to all of this, then let’s get started.<\/p>\n

What are MOON Tokens from Reddit?<\/h2>\n

MOON is an ERC-20 token (based on the Ethereum blockchain<\/a>) launched by Reddit<\/a> in May 2020. The token is awarded to users based on their contribution to the r\/CryptoCurrency subreddit and incentivizes quality content creation.<\/p>\n

\"Community
Reddit Community Points<\/figcaption><\/figure>\n

At the time of writing, the Reddit app shows 99,955,890 tokens in circulation, with new tokens being distributed every four weeks.<\/p>\n

What’s the Caveat With MOON Tokens?<\/h3>\n

While Reddit reportedly launched MOON tokens<\/a> to incentivize active community engagement and “represent ownership in the subreddit,” the team mentioned that “Moons are independent of Reddit.”<\/p>\n

Once users earn them, they are in charge of choosing what to do with the tokens. For instance, they can use them on Reddit to boost their post visibility or unlock other exclusive features.<\/p>\n

But what if someone decided to sell their MOON tokens<\/strong>, and there was someone else interested in buying them?<\/p>\n

That is what has happened, and thus holders can now sell MOON tokens from Reddit for cash or other cryptocurrencies.<\/p>\n

How is This Possible?<\/h4>\n

Thanks to a partnership with layer-2 protocol OffChain Labs<\/a>, Reddit has launched $MOON tokens on the Arbitrum Nova mainnet (Not to be confused with the main Arbitrum network). This transaction means that users can now send MOON off Reddit and sell them using a decentralized exchange such as Sushiswap.<\/p>\n

To sell Reddit tokens for crypto or cash<\/strong>, one needs to be able to move these tokens off their Reddit Vault to a non-custodial wallet. However, the entire process might seem relatively unclear to new investors and is the reason we have prepared this guide.<\/p>\n

In the end, you will end up with Ether (ETH) in your wallet, which you can now decide what to do with. Please ensure to read the entire guide before initiating the transaction process.<\/strong><\/p>\n

How to Convert MOON tokens to Crypto\/Cash<\/h2>\n

To complete this conversion, here are the main things you need:<\/p>\n