Holders of Reddit Collectible Avatars non-fungible tokens (NFTs) are airing concerns about the future of the offering after the head of the project confirmed she has exited the social media company.
“My role at Reddit has come to a close. While I am saddened by this transition, I am incredibly proud of the work I accomplished during my time there,” Bianca Wyler, head of Reddit’s Collectible Avatars, wrote on LinkedIn on Jan. 6.
Some Redditors noted that recent comments from Wyler’s Reddit account had been deleted, and others expressed concern that her exit was a sign the social platform might take the axe to the avatars next.
Redditors speculate the possible implications of Wyler’s exit. Source: Reddit
Reddit Collectible Avatars (RCA) are millions of unique NFTs on the Polygon blockchain, which mostly depict Reddit’s cartoonish alien mascot. The site’s users can add the avatars to their profiles, along with perks such as “special comment treatment” on the site.
RCA was launched in July 2022 and billed as limited-edition artworks made in partnership with independent creators. Dune Analytics data shows there are currently over 33.5 million total holders of the NFTs.
Sales of the NFTs have failed to keep up since peaking in late 2022, with secondary monthly sales volumes for the last three months of 2024 all hovering around $100,000, while trading has also dropped since a peak in 2022.
Monthly secondary sales volumes of Reddit avatar NFTs. Source: Dune Analytics
Wyler told Cointelegraph that when she joined Reddit in June 2024, “it was no surprise to the Web3 and digital collectibles community that the RCA program had come down from a massive bull run.”
“The program needed some dedicated care and thoughtful strategy,” she added. Wyler said within three months of joining, she helped to “optimize the program, significantly improve community sentiment, and see a meaningful increase in sales and creations.”
Related: NFTs record $8.8B sales volume in 2024 — CryptoSlam
She said her departure was a reflection of the “natural shifts” that happen in social media companies such as X and Meta as they “navigate emerging technologies and evolving priorities.”
“While I’m unsure of the current direction for the RCA program, I’m confident that Reddit will continue to do good by its community — the true driving force behind everything the company builds,” Wyler said.
Reddit did not immediately respond to a request for comment.
NFT Collector: 110M Doodles coffee cups appear at McDonald’s across the US