Reddit's head of collectible avatar NFT product resigns, sparking concerns among platform users

Reddit Collectible Avatars (RCA) NFT holders have expressed concerns about the future prospects of the product after learning that the project leader has confirmed his departure from the social media company. "My journey at Reddit has come to an end. Although I am sad about this transition, I am still very proud of what I have achieved during my time there," Bianca Wyler, the project leader of Reddit Collectible Avatars, said on LinkedIn. Some Reddit users noticed that Wyler's recent comments on the Reddit account had been deleted, which raised further concerns that her seemingly sudden departure may be a harbinger of the social platform's next adjustments to the avatar project. Wyler revealed in an interview that her departure reflects the natural shift of social media companies in exploring new technologies and adjusting priorities. Although she is uncertain about the direction of the RCA project, she believes that Reddit will continue to benefit the community. Launched in July 2022, RCA is advertised as a limited-edition artwork created in collaboration with independent creators. Data from Dune Analytics shows that the total number of holders of these NFTs has now exceeded 33.5 million. Since the peak at the end of 2022, the sales of these NFTs have not kept up, and the monthly secondary market trading volume in the last three months of 2024 has hovered around $100,000, and the trading volume has also declined since the peak in 2022. (Cointelegraph)