Reddit's NFT Future in Doubt After Project Leader Departs

Crypto News NFTs

Written by Aaron S.,

Editor-In-Chief

Last Updated: January 07, 2025

Key Takeaways

Reddit NFT collectors are concerned about the project's future following the exit of its leader, Bianca Wyler;
The Reddit Collectible Avatars program has seen slowing sales despite over 33.5 million holders;
Wyler’s contributions boosted engagement and sales, but her departure raised uncertainty.

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Reddit's NFT Future in Doubt After Project Leader Departs

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On January 6, Bianca Wyler, who managed the Reddit Collectible Avatars (RCA) project, announced her exit from the company.

Wyler joined Reddit in June 2024 and stated that she contributed to improving the program by enhancing community engagement, increasing sales, and encouraging more designs.

Her departure has raised concerns among collectors of Reddit’s digital avatars about the project's future.

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Some Redditors highlighted that Wyler's past comments on Reddit have been removed. Others worry that this change might signal that Reddit could discontinue the RCA program.

The Reddit Collectible Avatars, launched in July 2022, are non-fungible tokens (NFTs) hosted on the Polygon MATIC $0.1995 blockchain. The project was promoted as a collaboration with independent artists.

According to data from Dune Analytics, the project attracted attention, with over 33.5 million holders. However, sales have slowed since late 2022. In the final three months of 2024, monthly sales on secondary markets hovered around $100,000.

In a LinkedIn post, Wyler said:

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.

While the head of the Reddit Collectible Avatars project left, Michael Barr is set to leave his Federal Reserve supervisory role. How did the crypto community members react? Read the full story.