- Starbucks will drop its second NFT collection on Polygon.
- The NFT collection will commemorate the first Starbucks store in the U.S.
- Users who want early access to the collection must satisfy a few requirements.
The non-fungible token (NFT) technology is one of the most promising in the industry. Yet traditional companies are reluctant to adopt NFTs, partly thanks to the vague regulatory environment and some technological limitations.
However, some Web2 brands are slowly but surely entering the NFT world. One is Starbucks, which is set to launch its second NFT collection on Polygon.
Starbucks to Launch New NFT Collection on Polygon
Starbucks, one of the world’s oldest and largest coffeehouse chains, is about to return to the NFT world.
The company is launching a new NFT collection on Wednesday. The collection, called The First Starbucks Store, will be dropped on Nifty Gateway, an NFT marketplace on Polygon, an Ethereum Layer-2 scaling powerhouse.
The First Starbucks Store NFT collection. Source: Nifty Gateway.
The First Starbucks Store is a collection of 5,000 stamps that depict the first Starbucks store in the U.S. at Pike Place. Each NFT will cost $100.
“The first Starbucks store is a place with over 50 years of rich history wrapped up in its four walls. This collection — inspired by original elements throughout the store — consists of 5,000 pieces, each one uniquely commemorating 1912 Pike Place. Depicted as a multi-media collage of photos, in-store textures, and prominent icons from our archives, this collection puts a modern spin on the historic landmark.”
Users who are members of the Starbucks Odyssey program and own a minimum of 2 unique Journey Stamps NFTs will get early access to the NFT collection starting at 9 AM PDT on Wednesday. All others will be able to get the new NFTs from noon. Only one NFT per wallet will be allowed.
This is the second Starbucks NFT collection in just over a month. The Siren Collection Stamp launched on March 1 and was sold out in 18 minutes. The floor price for the first NFT collection is currently $450.
On the Flipside
- Starbucks is reluctant to use the word NFT. Instead, the company uses “stamp” or “digital collectible” to refer to NFTs.
Why You Should Care
Starbucks continuing to drop NFT collections is a sign of traditional companies getting braver and slowly but steadily adopting NFT technology.
Yes, Starbucks has begun selling thousands of NFTs. The company refers to them as Stamps, perhaps due to negative connotations associated with the term.
Starbucks has launched its Odyssey program, which functions as an NFT marketplace. The NFTs are highly sought after and tend to sell out rapidly.
Starbucks chose Polygon due to the latter’s commitment to reducing its carbon footprint through its Proof-of-Stake (PoS) blockchain. Starbucks strives to be seen as a company committed to sustainability, making the partnership a logical move.
Yes, Starbucks partnered with Polygon on their Odyssey NFT loyalty program. Based on NFT sales, the successful partnership is likely to continue.
Polygon has significantly lower gas fees, allowing for lower-cost transactions than Ethereum. The dual benefits of reduced fees and lessened environmental impact make Polygon appealing.
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