Starbucks NFTs are part of the chain’s “Odyssey”, its Web3 loyalty program. The program is an extension to the company’s existing rewards plan that offers customers perks like free drink upgrades. Although the project is still in its testing phase, with select customers allowed, it has received a great deal of attention from the NFT community.
On March 9, Odyssey released their fourth limited edition NFTs, which they are calling “stamps”. The program is still in invitation-only beta and requires members to complete quizzes and in-store purchases. After completion of specific requirements, members are eligible to earn “stamps” which they can collect or resell on Nifty Gateway.
Starbucks launched its Odyssey program on the Polygon blockchain. Their aim is to make sure the experience is friendly for noncrypto users, emphasizing the ability to purchase Stamps with only a credit card.
“The Siren” collection launched at 12 EST and allowed eligible members to purchase two stamps, each at $100. Rewards include virtual classes, access to merchandise, and a trip to a Starbucks coffee farm at higher membership tiers. Notably, free coffee isn’t on the list of possible rewards. Also, purchasing a Starbucks NFT gives members additional “points’ that they can use to level up their tier.
Since its launch, the collection has generated $287k in total trading volume and 585 sales on Nifty Gateway. This may sound relatively low, compared to the hype around the collection. But remember, they only allowed a limited number of users into the program from the waitlist.
We can see this hype during the collection’s release. Upon launch, the Starbucks Odyssey members took it to their Discord group to express their frustration. They had problems accessing the site and got error messages, as the site was seemingly overwhelmed by traffic.
The #StarbucksOdyssey Discord was lit at 3pm EST!
Although I'm in the Beta group, I wasn't able to get an NFT or even log on due to the site crashing.
But the commentary—a mix of elation (for those able to get a #StarbucksNFT) & frustration (for those who didn't)—was pure ????
— iseeyasophia (@iseeyasophia) March 9, 2023
Regardless of the issues, the collection sold out in 18 minutes and secondary sales took off. As of today, the floor price for a Siren Stamp is $669.
Starbucks isn’t the first company to jump on the NFT wagon, they aren’t even early in the game. During the Bull market of 2021, countless major brands raced into the space with their own NFTs. Two years later, as the crypto craze has dulled down, many of those projects have shrunk or been abandoned. NFT sales dropped 83% year-over-year in 2022, according to News Data.
So, will Starbucks NFTs live up to their expectations of being a “revolutionary Web3 experience,” or will they dwindle like many of their fellow counterparts?