How Reddit generated 3 million ‘Reddit Vaults’ wallets through ‘Collectible Avatars’ initiative
Image credit: Reddit
In July 2022, Reddit launched their ‘Collectible Avatars’ – 150,000 NFTs at $20-30 each for users to purchase (with fiat or crypto) to use as their profile pictures on Reddit. Roughly 3 million new wallets or ‘Reddit Vaults’ were created with the launch, generating ~$6 million for Reddit to-date, with $2.5 million of that from secondary royalties.
The successful drop was not only a win for Reddit, but for their community as well. Since all of the Avatars were purchased via user-owned ‘non-custodial’ wallets, they could easily choose to sell on secondary markets where the average price is around $114 for an Avatar. The rare "Cyber Snoo" avatar sold for as much as $24,149. Reddit users love showing off their Avatar, and have made requests for more in future.
Reddit also gave users the ability to earn royalties on any future sales of their NFTs. While ~75% of their secondary trading volume has been on OpenSea, Reddit announced that it would be launching its own custom NFT marketplace in January of this year.
Our 0.02ETH 🍃
The Reddit community traditionally has been skeptical of crypto, and so the widespread positive reception of this launch was a great win. In large part due to its seamless user journey, making it easy for crypto newbies to stand up their own wallet and get their first NFT (using MPC wallet similar to Mojito’s). Everything about this drop was positioned to make NFTs more accessible and user-friendly and to pave the way for wider adoption of the technology.
Reddit is taking an even deeper step into web3, with the launch of their custom marketplace, and this will allow them to enforce royalties (including payouts to Reddit users), as well as increased trust for new crypto user Reddit fans who don’t want to sift through the chaos of OpenSea.
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Who’s hungry for zero-party cookies?
Welcome to the future of personalized consumer data.
Camilla McFarland isn't just a crypto OG who's been making moves onchain since 2013; she's also an advisor and member of Mojito's founding team, who's long been at the forefront of brand innovation in web3.
What better person to wax onchain poetic on the future of brands in web3 at one of the industry's largest global gatherings: EthCC?
Following her talk last year on Big Brands & Web3: NFTs and the consumer brand revolution, Camilla took the stage this week in Brussels to drop some more alpha on brands making moves onchain in a new talk, Zero-Party Cookies: the future of personalized consumer data.
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Use Case: Richie Hawtin & Proof-of-Attendance NFTs
Breaking down a different future for drops.
For techno icon Richie Hawtin, drops are about more than just bass.
As one of the most acclaimed artists in electronic music history, the Ontario, Canada-bred musician has long had an affinity for leveraging futuristic technologies to make processes more efficient and engaging.
“Music and technology have absolutely always been intertwined for me,” Hawtin said in a 2022 interview.
From soundtracking Prada fashion shows with mind-bending audio-visuals to creating his own mixer (and tech-indebted sake brand), Hawtin has always pushed the bar.
Since 2022, his journey as a musical technologist has included a growing affinity for web3 — more specifically, Proof-of-Attendance NFTs.
How to Rewire Your Brain (and Brand Strategy) using Web3
From web3 data to web3 wallets - the only constant is change.
In technology, as in life, this one always hits. Whether it’s AI-powered smart pillows, a fully NFC-chipped wardrobe, or an entire generation spending their allowance on avatars, the future of engaging consumers is no longer about maybe leveraging next-generation technology — it’s a must.
Nonetheless, it’s not always easy to keep up when so much change is in the air. Sometimes, it even requires us to completely rewire our brains to make room for what we must understand to thrive as a brand. Rather than turn this into a game of Operation, let’s continue.
