Starbucks’s NFT Collection Sells Out in 20 Mins for $200k in a Subdued Market
US coffee giant Starbucks has seen its first set of limited edition NFTs, consisting of a collection of 2,000 digital “Stamps,” sold out in minutes despite the overall sour market conditions. Each priced at $100, the NFTs brought in a total of $200,000 for the coffeehouse giant.
Starbucks Releases “The Siren Collection” as Part of Web3 Push
Starbucks Odyssey, the company’s Web3 loyalty program, launched its limited edition “Siren Collection” on Friday. The collection consisted of 2,000 NFTs, called Stamps, each with a price tag of $100. The brand’s iconic logo inspired the NFTs.
Notably, the collection was only available to Starbucks Odyssey members, with each member able to purchase up to two Stamps. Nevertheless, the NFT collection attracted great interest among users of the coffee chain, selling out in just 18 minutes.
Data by Nifty Gateway shows it has also generated more than $117,546 in secondary market sales. Furthermore, the collection currently has an average sales price of $442 and a floor price of $379. Only 9.5% of the items in the collection are now up for sale.
“As Starbucks has grown over the years, the Siren has been right there with us, adapting and evolving to reflect the brand and the culture,” the collection’s description at NFT marketplace Nifty Gateway reads. It adds:
“This collection — inspired by five of our most memorable Siren expressions and drawing on our deep coffee stamp archives — consists of 2,000 unique pieces tracing her journey from local Seattle celebrity to revered global icon.”
Starbucks launched its Odyssey program in December last year as an “industry-leading loyalty program” powered by Web3 and NFTs. The program gives customers perks like free drink upgrades and “immersive coffee experiences that [customers] cannot get anywhere else” as members complete games, quizzes, and make purchases.
The coffee giant has also given away four free Polygon-based NFTs to users for completing specific in-app challenges. The NFTs were rewarded for completing trivia challenges about the company or ordering Starbucks food and drinks or gift cards.
Moreover, the “Holiday Cheer Edition 1 Stamp,” the first Starbucks NFT with 5,000 editions, has spiked in value despite being a free giveaway. The collection currently has an average sale price of $1,020.51 and a floor price of $1,752, bringing more than $179,000 worth of secondary sales.
Join our Telegram group and never miss a breaking digital asset story.
Big Players Continue to Experiment with NFTs and Web3
Starbucks is not the only major brand experimenting with NFTs and Web3 to explore new opportunities. Just recently, it was revealed that Amazon, the world’s largest e-commerce enterprise, is likely preparing to start offering NFTs.
Furthermore, Nubank, one of the largest digital banks in Brazil, announced the launch of a loyalty program for its customers on Polygon earlier this month. The program will airdrop Nucoin tokens, the bank’s yet-to-be-launched token that will work as a points program for loyal customers.
As reported, electronics giant Sony also filed a patent in November last year that suggests the company’s vision for a system that could be used to track the creation, use, and transfer of digital assets created within a game.
It is worth noting that the market for non-fungible tokens has been in a downtrend over the past couple of months amid a prolonged crypto winter. NFT sales volumes have fallen to the lowest in more than a year, and the floor price of blue-chip collections has also taken a hit.
Do you think NFT loyalty programs can give brands a leg up? Let us know in the comments below.