How to Buy and Sell Reddit Moons in 2023 – A Complete Beginner’s Guide
The value of Reddit Moons (MOONs) has increased by over 100% since the start of August, following new listings on several exchanges. Moon tokens are distributed to Reddit users who have accumulated “Karma” points. So, as a holder, where do you sell them? Or do you want to buy your first Moon token? Well, stay tuned! We explain the process of trading the crypto asset in this guide.
Purpose of Reddit Moons
Although MOONs have been in existence since 2020, their popularity grew bigger this year following the launch of Reddit Avatar NFTs in February. These tokens have several use cases, including:
Voting on various proposals in Reddit’s decentralized autonomous organization.
- Voting on various proposals in Reddit’s decentralized autonomous organization.
- Used as tips to contributors and users
- Reddit users use their MOONs to buy subreddit membership subscriptions.
- MOONs are used in building decentralized applications.
- Reddit moons represent proof of reputation.
Note that if you no longer want to be a MOON holder, you can always convert your tokens to USD via crypto exchanges.
Where Can You Buy MOONs From, or How Do You Get Them for Free?
As previously mentioned, the easiest way to earn some MOON tokens is by staying active on the Reddit platform to get the Karma points. But how do you stay active? Publishing insightful comments or posts is one of the ways.
After receiving the MOONs, you can decide to sell them for other popular crypto assets like USDC and Ethereum on both centralized and decentralized exchanges. Moreover, you can deposit them in MOON pools to provide liquidity in exchange for passive income.
However, in case you feel like posting regularly on Reddit is a lot of work, you can buy MOONs from several crypto exchanges, including Gate.io, Kraken, MEXC, and SushiSwap.
How to Sell MOONs Locked in a Reddit Vault
Every MOON token you earn is stored in your Reddit vault, which operates like a crypto wallet. Although they have their usability on the Reddit platform, you may be tempted to sell them to take advantage of the current price surge. If you choose to go that road, here is how to sell MOONs tokens locked in the Reddit vault.
Step 1: Set Up Your Reddit Vault
To start receiving MOON rewards, you need to create a Reddit vault. The process of setting it up is similar to that of creating a crypto wallet. After providing your email and a password, a seed phrase will be automatically generated. Note it down and keep it safe because you will need to in case you forget your password.
Once your vault is successfully created, you can start publishing on Reddit to increase your chances of receiving some MOON.
Note that you do not need to create another Reddit vault if you already have an active one. Instead, confirm if your MOON balance is sufficient.
Step 2: Use Your MetaMask Wallet
You need to import your Reddit vault to MetaMask. To do this, click “Import an Existing Wallet” and enter the seed phrase you wrote earlier. If successful, your Reddit Vault will be imported to MetaMask.
Step 3: Ensure the Gas Fee is Taken Care of
Once your Reddit vault is connected to your MetaMask, you can transfer MOONs to the latter. This transaction will require gas fees. So go to the r/CryptoCurrencyMoons subreddit, then write “!gas Nova” under any post. Once done, a Reddit bot immediately sends ETH to your Arbitrum Nova address to cover the gas fee.
Step 4: Exchange the MOON Tokens for ETH
After your MOONs arrive in the MetaMask wallet, convert them to an Arbitrum Nova-based ETH using a decentralized exchange like SushiSwap. Ensure you add an Arbitrum Nova address for ETH so your newly converted tokens can appear on MetaMask.
The reason for exchanging MOON for ETH is that the latter is listed by many crypto exchanges, making it easy to move the tokens from one platform to another.
Step 5: Bridge Your ETH Tokens
Once your Arbitrum Nova-based ETH tokens arrive in MetaMask, you may want to consider bridging them to a popular network like Arbitrum One, which is supported by various centralized exchanges.
To perform this transaction, use bridging platforms like Orbiter. Some of the ETH to be transacted will be used to cover gas fees.
Step 6: Deposit ETH to a Centralized Exchange
Once the bridged ETH reflect in your MetaMask wallet, you can then transfer it to popular centralized exchanges like Binance or Kraken and cash it out. And that how easy it is to sell your MOON tokens in 2023.
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