How Mojito and Coinbase Drove $120mm+ in Sales for Sotheby’s

For the world’s leading generational brands, embracing new technology allows them to stay consistently ahead of competition and adapt time and time again. As the oldest company listed on the New York Stock Exchange, Sotheby’s has embraced this strategy, most recently with their thoughtful adoption of web3 technology. 

Recognized in TIME Magazine’s 2022 Most Influential Companies in large part from its foray into Web3 and partnership with Mojito, Sotheby's broke NFT records for the highest selling Bored Ape Yacht Club ($3.4M) and Cryptopunk ($11.7M) in history. 

Through their sales and curation, Sotheby’s has been a leader in elevating the entire category of “Digital Art,” with hugely successful NFT sales of Generative Art, collectibles, early blockchain art, and more.

To be able to host fully compliant and easy to access NFT sales, accept cryptocurrencies, and be active players in this new market, brands like Sotheby’s and PACE Verso work with Mojito to create fully white labeled NFT marketplaces. 

“Mojito has given us a platform to provide the best possible web3 experience for our clients and scale our web3 strategy for the future.”

— Sebastian Fahey, EVP and Managing Director @ Sotheby’s

Managing a blockchain-based digital marketplace requires engineering many moving pieces together. This includes tokenizing assets, designing a marketplace (in Sotheby’s case, both primary and secondary), hosting payments in both credit card and crypto, handling smart contract development, and much more.

Instead of forcing brands to architect everything themselves, Mojito integrates directly with key partners like Coinbase to help streamline brand activations.

To help power Sotheby’s platform, Mojito leveraged Coinbase Commerce to host crypto payments for paying customers. 

How Mojito serves brands entering Web3:

1. Expertise and Experience: Mojito has experience building in web3 for 7+ years, and has built fully-branded NFT marketplaces for some of the world’s leading brands.

2. Time & Cost: Mojito has pre-existing integrations with Coinbase and other API providers. These pre-existing partnerships accelerate fully compliant go-to-market launches for brands.

3. Customization: Mojito can tailor digital marketplaces to align with the brand's vision, aesthetics, and user experience.

4. Support: Mojito offers ongoing support and maintenance services, ensuring the smooth operation of the marketplace after before, during, and after launch.

5. Compliance and Security: Experienced providers can assist brands in ensuring compliance with relevant regulations and implementing robust security measures to protect users' assets and data.

By working with outside consulting help, brands can effectively navigate the intricacies of the NFT space and create a successful marketplace that resonates with their target audience while focusing on their core business activities.

To learn more or get involved with Coinbase’s growing ecosystem of partners like Mojito, visit coinbase.com/partners.