Users of Reddit’s Collectible Avatar Non-Fungible Tokens (NFTs) have expressed worries about the future of the initiative following confirmation that its leader has departed from the social media platform.
In her post on LinkedIn on January 6th, Bianca Wyler (the head of Reddit’s Collectible Avatars) shared that her tenure at Reddit has ended. Although she feels a sense of sadness with this change, she is incredibly proud of the achievements she made during her time there.
Some Reddit users observed that recent comments from Wyler’s Reddit account were removed, sparking speculation among others that her unexpected departure might indicate that the social media platform could soon eliminate user avatars next.
Reddit’s Collectible Avatars (RCA) are approximately millions of distinct, non-fungible tokens (NFTs) residing on the Polygon blockchain, primarily featuring Reddit’s cartoonish alien emblem. Users on the platform can incorporate these avatars into their profiles, and the company positions these NFTs as offering benefits like “enhanced comment handling” within the site.
As an analyst, I’m sharing some insights about a project called RCA, which debuted in July 2022 and was marketed as exclusive artworks crafted in collaboration with independent artists. Data from Dune Analytics reveals that at present, there are more than 33.5 million unique holders of these NFTs (Non-Fungible Tokens).
Since their peak at the end of 2022, sales of NFTs have consistently fallen short, with monthly secondary sales in the last quarter of 2024 averaging approximately $100,000. Furthermore, trading activity has also decreased significantly since its high point in 2022.
As I joined Reddit back in June 2024, it wasn’t unexpected within the realm of Web3 and digital collectibles, for the RCA program had descended following a significant bull run.
She mentioned that the program required careful attention and well-planned strategies,” she added. Wyler explained that upon joining, she contributed to enhancing the program, boosting the community’s positive feelings, and witnessing a substantial rise in sales and productions within three months.
She expressed that her leaving was similar to the changes that often occur in social media firms like X and Meta, as they adapt to new technology advancements and rearrange their priorities.
Wyler stated, “Though I’m not certain about the present trajectory of the RCA program, I am assured that Reddit will carry on being beneficial to its community – the primary source of inspiration for all the company’s endeavors.
Reddit did not immediately respond to a request for comment.
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2025-01-07 09:21