- Starbucks Odyssey released its first set of limited edition NFTs.
- The coffee giant sold out all 2,000 NFTs.
Coffee titan Starbucks has been brewing its Web3 debut for quite some time, and people are getting in line for things other than viral pink coffees. The multinational coffee company released its first set of limited edition NFTs.
And people were quick to have their names written on their Web3 orders. So quickly that the collection sold out faster than you could order your morning coffee. Interestingly, there was no coffee included.
Coffee Not Included
Starbucks’ Web3 loyalty program marked its move to the big leagues with its first paid collectible on March 9, 2023. They previously offered free NFTs called Stamps to invitees of the loyalty program Odyssey.
Authorized members had to complete activities such as quizzes and in-store purchases. Upon completion, users could collect and sell their NFTs on Nifty Gateway.
Starbucks’ free NFT collection saw impressive numbers in secondary sales generating over $170,000 in trading volume. It appears they took notice and released their first set of limited edition NFTs called the Siren Collection.
The collection featured 2,000 NFTs featuring the company’s iconic Siren for $100 apiece. Members of the loyalty program could buy a maximum of two stamps via their credit cards or MetaMask wallets.
However, the official mint site received more traffic upon launch than it had bargained for, causing it to slow down. Despite the technical issues, the collection sold out in an impressive 18 minutes, with the floor price for the Siren Stamp skyrocketing to $445, according to Nifty Gateway.
On the Flipside
- Starbucks’ free NFTs from the Holiday Cheer Journey collection are worth over $1,500.
- Competitors like Adidas, Gamestop, and Taco Bell beat Starbucks in the race to NFTs.
Why You Should Care
Starbucks has over 31,000 stores spanning the globe. According to its statistics, 60 million people are served weekly in those stores. The coffee giant’s numbers could propel Web3 into mainstream adoption.
Catch up on how Starbucks’ web3 loyalty program started:
Polygon Announces Another Collaboration: Starbucks Rewards Loyalty Program
Read how Animoca raised over $5.5 million with NFTs:
Animoca’s Mocaverse NFTs Raise $5.5 Million in Two Days