Reddit NFT Holders Worry About Project’s Future After Leader’s Exit

Holders of Reddit Collectible Avatars (RCAs), a line of non-fungible tokens (NFTs), are raising concerns about the program’s future following the departure of its project leader, Bianca Wyler. The news comes after Wyler confirmed her exit from Reddit in a LinkedIn post on 6 January 2025.

“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,” Wyler wrote.

Her departure has sparked unease among RCA holders, some of whom noticed that comments from her Reddit account had been deleted. Many fear her exit signals Reddit’s potential plans to scale back or discontinue the program.

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Reddit Collectible Avatars Are NFTs On Polygon Blockchain

Launched in July 2022, Reddit Collectible Avatars are unique NFTs on the Polygon blockchain, often depicting Reddit’s signature alien mascot. These avatars allow users to enhance their profiles and access features such as “special comment treatment.”

The program was introduced as limited-edition artworks created in collaboration with independent artists. According to Dune Analytics, there are over 33.5 million holders of these NFTs.

However, the market performance of RCAs has struggled since its peak in late 2022. Monthly sales volumes on secondary markets hovered around $100,000 in late 2024, a stark decline from earlier highs. Trading activity has similarly dwindled over time.

Head of Reddit’s avatar NFT project departs, sparking concerns among holders

Holders of Reddit Collectible Avatars (RCAs), non-fungible tokens (NFTs) on the Polygon blockchain, are concerned about the future of the project after Bianca Wyler, the head of the initiative, left the…

— CoinNess Global (@CoinnessGL) January 7, 2025

Wyler joined Reddit in June 2024 to revitalize the RCA program, which had cooled significantly after its initial success. She stated that her efforts over three months improved community sentiment, optimized the program, and boosted sales and creations.

Her departure, she explained, reflects the “natural shifts” within tech companies like Reddit, X, and Meta as they adapt to emerging technologies and shifting priorities.

While she remains uncertain about the RCA program’s future, Wyler expressed confidence in Reddit’s commitment to its community.

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NFTs Close 2024 On A Strong Note

NFTs closed 2024 on a strong note, with annual sales surpassing $8.83 billion. This marks a 1.1% increase over the $8.7 billion recorded in 2023, suggesting a modest but notable recovery for the digital collectibles market.

Despite the positive growth compared to 2023, 2024’s sales volumes were a far cry from the market’s peak years. In 2021, NFTs generated $15.7 billion in sales, while 2022 saw a staggering $23.7 billion. The 2024 figures represent a decline of 43.9% and 62.8%, respectively, compared to those years.

The rebound in NFT sales toward the end of the year caught many by surprise. Following a seven-month downturn that culminated in September’s lowest sales volumes since 2021, the market began to recover.

October saw an 18% increase in sales, reaching $353 million, and the momentum continued in November with a six-month high of $562 million. December capped off the year with $877 million in NFT sales, the fifth-highest monthly figure for 2024.

The resurgence was driven by Ethereum-based collections, which accounted for $482 million of the month’s sales. Bitcoin-based NFTs contributed $172 million, while Solana-based collections added $100 million.

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