According to Cointelegraph, concerns have emerged among holders of Reddit Collectible Avatars non-fungible tokens (NFTs) following the departure of the project's head, Bianca Wyler, from the social media company. Wyler announced her exit on LinkedIn on January 6, expressing pride in her accomplishments at Reddit despite the transition.
The sudden departure has sparked speculation among Reddit users about the future of the Collectible Avatars initiative. Some users noted the deletion of recent comments from Wyler's Reddit account, raising fears that the platform might discontinue the avatars. Reddit Collectible Avatars are unique NFTs on the Polygon blockchain, primarily featuring Reddit's alien mascot. These avatars, launched in July 2022, are marketed as limited-edition artworks created in collaboration with independent artists, offering perks like special comment treatment on the site.
Despite the initial success, sales of these NFTs have declined since their peak in late 2022. Data from Dune Analytics indicates that the secondary monthly sales volumes have remained around $100,000 for the last three months of 2024, with trading activity also decreasing since 2022. Wyler, who joined Reddit in June 2024, acknowledged the challenges faced by the RCA program, noting that it had come down from a significant bull run. She emphasized the need for dedicated care and strategic planning to optimize the program, improve community sentiment, and boost sales and creations.
Wyler attributed her departure to the natural shifts occurring in social media companies like X and Meta as they adapt to emerging technologies and changing priorities. While uncertain about the current direction of the RCA program, she expressed confidence that Reddit would continue to prioritize its community, which she described as the driving force behind the company's initiatives. Reddit has not yet responded to requests for comment on the matter.
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