Hi @AudioSport! 
We have a few different teams that run contests, which vary depending on what those teams are working on. Currently, our Affiliates team run some big events aimed at bringing in more traffic and sales to all the Envato marketplaces. There are also some contests targeting specific item categories for Envato Elements, aimed at growing the content library in areas where we know that customer demand currently outstrips our supply.
I don’t think there are any plans to bring back the old “Most Wanted” contests in the near future, as those were focused on growing the available content on Envato Market. Currently, there’s more content than ever before - so we’re looking at other ways we can improve.
I’m part of the Customer-based Community team, and we’ll have some contests of our own - we’ve just wrapped up a Double Light Photoshop Action one, and currently have a Liquidum contest still taking new entries. We’re keen to run something similar for an audio item later this year - I’ll share some details about that when we have more info available. Our events are aimed at getting more people (authors and customers!) engaged in the forums, with a particular focus on helping to get new customers joining in.