Reddit launches a crowd-funding website that will give Reddit users the ability to raise cash for themselves or a cause by developing merchandise.
Reddit announced the launch today of a website to give Kickstarter a run for its money. The website will be called Redditmade, and will focus on the development of merchandise in an effort to raise funds for causes, or even themselves. The concept instills a basic belief of the community and is actually a well-tested platform that has already seen a lot of success. Kickstarter similarly does this, but Reddit’s focus will be their users – and the development of merchandise that will be focused on “sub-reddits,” the company said.
The way it functions is actually pretty safe, too, for the user. In fact, it will work by giving the user the ability to choose a campaign. The simplest campaign is T-shirts. Simply create a design, submit it, determine a price point for the shirts, or even how many the individual wants to sell – and if the campaign receives enough support – through guaranteed purchasers, then Reddit will move forward with production.
However, it functions off of pledges, and ensuring that the pledges are ultimately met. The great thing about crowd funding is that no one is charged unless it actually comes to fruition, and that is ultimately what the company is banking on. This will serve as a great platform that could potentially be useful beyond just Reddit users, should it move forward with as much success as Kickstarter has.
Reddit has boasted that it “takes just a few minutes” for designs and campaigns to go live. There is no extended wait period, or grace period that users will have to get through. The first campaigns are already up, and it’s likely that the service will take off quickly now that the company has made it the focus of their efforts. That being said, as it stands right now users cannot be paid out through external bank accounts. Meaning, if you have a bank account outside the United States, you will not be able to be paid through those means as the company doesn’t have the capability to make payments to accounts outside of the United States.
Another interesting note is that the campaign types are extensive. You can actually start where ever you’d like, and work your way up, or down. It can be as simple as a T-shirt campaign or something far more complex. It will ultimately come down to what the user wants to do, and what the user wants to contribute to the entire process.