How Reddit generated 3 million ‘Reddit Vaults’ wallets through ‘Collectible Avatars’ initiative

May 17, 2023

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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The end of a web3 loyalty program doesn’t mean the end of its value.

March 25, 2024

What Starbucks Odyssey taught us.

Recently, we examined why web2 toolkits like Reddit Pro aren’t the best option for brands that want to engage consumers and retain loyalty across their products and experiences.

So what is? Drumroll, please.

From art to sports, luxury fashion, and even credit cards, Web3 is ushering in an entirely new set of tools for brands that want to build deeper connections with communities across dynamic environments that they can customize to their greatest needs.

Let’s break down some of the benefits we talked about last week in greater detail, starting with web3’s ability to help brands:

  1. Gain insights into customer activity and behavior across both online and real-world touchpoints.
  2. Leverage new analytics by connecting data from wallet signatures and onchain activity to build richer profiles and segment audiences more effectively.

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Mojito Brought the Toledo Museum of Art’s Debut Web3 Collection to Market with 10,000 NFTs — and Zero Code

January 18, 2024

Learn how we helped the museum tell an essential cultural story through the power of digital art and community.

Mojito's technology breathes life into dynamic web3 experiences for brands. We simplify the complex backend, allowing the front end to effortlessly focus on the fun stuff – including sticky consumer engagement.

Our recent collaboration with the forward-thinking museum turned this vision into reality. Mojito worked with Toledo's team to orchestrate a digital art experience by Osinachi & Yusuf Lateef. Our community engagement portal enabled Toledo to provide a smooth minting process, hassle-free claims, turnkey community management and reporting for the museum. The result? A powerful drop of 10,000 NFTs.

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The Web3-ification of Credit Card Loyalty Programs

January 11, 2024

Visa's new web3 loyalty program is no accident.

Swipe (or nowadays, tap) your credit card, and earn points. A process that’s now commonplace has a lengthy history that can teach us more than a few things about customer loyalty — and its journey through technology. Let’s start at the beginning. 


From paper to plastic 💳


While the history of credit cards dates back thousands of years, things turned from stone to metal — and later paper and plastic — about halfway through the 20th century with the arrival of the modern credit card in 1950. Reportedly invented following a case of a forgotten wallet, The Diner’s Club Card (initially owned by Discover Financial Services before its acquisition by BMO in 2009) was the first multipurpose charge card credit card intended primarily for dining and travel expenses. 

The Diner’s Club was also the first to pair the concept of charging credit with fueling consumer loyalty through the inception of points. Through partnering with dining, entertainment, and later, travel entities (i.e., airlines, rental cars, and hotels), Diners Club cardholders paid a tiered annual fee to gain special perks based on how much money they spent. The greater the yearly fee, the greater the perks. 

About eight years following Diner’s Club in 1958, American Express entered the credit card industry with the world’s first international charge card, which initially had an annual fee of $6 (one dollar more than Diner’s Club). Shortly after, Bank of America and Mastercard followed suit. During this initial period, most credit cards focused on offering customers just that — credit — with loyalty and reward yet to take off.