Starbucks, one of the largest coffee chains in the world, has launched a paid collection after the free NFTs it released earlier received more attention. The company is using blockchain technology to design an advanced loyalty program called Starbucks Odyssey, which is being tested by select users who only get a chance to join the whitelist by launching its beta version in December 2022.
The Siren Collection
The Siren Collection, a collection of 2,000 unique NFTs that Starbucks launched yesterday at the Nifty Gateway marketplace, sold out in just minutes. The collection was inspired by the brand’s logo and cost $100, which is only a few times more than Starbucks’ core physical product, coffee.
Starbucks aims to encourage the Web3 community with better bonuses and rewards in the future, and NFTs are increasing in adoption. All NFTs in the collection were sold in a total of 18 minutes, despite the website crashing for a few minutes, rendering it inaccessible.
As of today, the floor price of the collection is $384. 1,167 people own an NFT from the new collection.
Starbucks Builds a Bridge to Web3
Starbucks is targeting users who are not crypto-related or unfamiliar with Web3 technologies by choosing the Nifty Gateway NFT market for this purpose.
This is against the logic of self-custody, but it is a step that increases adoption and facilitates the transition to Web3 technologies. However, the number of users actively using Odyssey in the beta version is relatively low due to Starbucks not promoting the project in physical stores.
Collectible Free NFTs
Starbucks defined certain in-app achievements after launching Odyssey in December 2022, and users who achieved them received four Polygon-based NFTs for free.
Completing achievements required ordering coffee and desserts from Starbucks, completing trivia contests, and purchasing Starbucks gift cards.
Hundreds of NFTs in the Holiday Cheer NFT collection have found buyers for $1,000 and above, and trading volume has reached $225k.
Starbucks, however, calls these collectibles “Stamps” rather than NFTs due to uncertainty of regulations.
Credit : CryptoCoin