Redditmade vs Kickstarter? Reddit launches own crowdfunding platform
In a statement posted to the site this week, Reddit announced the launch of its new crowdfunding platform, Redditmade, which allows redditors to back moderators’ projects. According to the launch post, “Redditmade is a new place to turn the best designs and products by the community into reality.”
Redditmade was created in large part to allow subreddits, custom made sub forums, an easy way to create and sell official merchandise to their communities, and, of course, turn a profit for Reddit.
“Whatever you want to make, we’ll connect you to our network of quality sourcing partners for a variety of products and walk you through every step of the process, so your community can celebrate your connection and show off your pride without all the work,” the post says.
Redditmade will take a cut of the profits while giving the subreddit communities the chance to manufacture and sell merchandise to their members.
Fundraising campaigns aren’t limited to moderators; any Reddit user, or redditor, can start their own campaign with moderator approval. Reddit will contact the responsible moderator, asking if they would like to make the campaign an official subreddit.
Reddit has also promised to figure privacy into their crowdfunding approach. Users are not required to reveal personal information, except to payment and shipping providers.
Although the cult community content aggregator is wildly popular, boasting 175 million unique visitors in the last month, the site has only two sources of income: display advertising and the sale of Reddit Gold, its premium membership.
Moderators are also given the option to donate profits from overfunded projects to charity.
The site, currently operating in open beta mode, requires customers to have US bank accounts to make payments. The launch date for the full site has not been announced yet.