Starbucks Odyssey, the coffee giant’s loyalty program currently in beta, has launched its first limited-edition non-fungible tokens (NFT) that were sold out in just 20 minutes.
Members of Starbucks Odyssey were able to purchase two “Stamps” out of an edition of 2,000 featuring the brand’s iconic siren, with the stamps priced at $100.
The Siren Collection NFTs were sold on Nifty Gateway, a popular marketplace for buying and selling NFTs. The site experienced some technical difficulties at launch, with some members of the Starbucks Odyssey Discord group reporting issues accessing the site and receiving error messages.
Despite these initial issues, the tokens sold out in just a few minutes, indicating strong demand from Starbucks fans and NFT collectors alike.
The sale of these NFTs, known as the Siren Collection, was the first time Starbucks Odyssey had sold limited-edition non-fungible tokens to members. The tokens featured the iconic Siren from the Starbucks logo in five different “expressions,” each with a unique design.
The NFTs also came with 1,500 bonus points that could be used to level up users’ Odyssey accounts and earn future rewards.
Members of the program can earn stamps by completing activities such as quizzes and in-store purchases, which can be collected or resold on Nifty Gateway.
The NFTs have already been unlocked from completing Journeys and are available in the Nifty Gateway secondary market.
Starbucks launched the Odyssey program on the Polygon blockchain, aiming to make the experience user-friendly for non-crypto natives by allowing them to purchase stamps with a credit card.
According to Andy Sack, the Co-Founder, and Co-CEO of Forum3, which collaborated with Starbucks to launch the initiative, Odyssey is an advanced loyalty platform that seeks to establish a strong brand connection between Starbucks and its customers.
Starbucks initiated the closed beta phase of the Odyssey program in December, and according to a spokesperson, the company received an exceptional level of interest from users who wanted to participate in what is being touted as the next level of the current Starbucks Rewards initiative.
Following the Holiday Cheer Edition 1 Stamp, Starbucks has continued to offer free Polygon-based NFTs to customers who complete specific in-app challenges.
Even though it was initially given away for free, the first Starbucks NFT, Holiday Cheer Edition 1 Stamp, has gained significant value on the secondary market. It has fetched as much as $1,900 in the top sale, while the Nifty Gateway-run marketplace has managed over $222,000 worth of secondary sales.
Starbucks has announced that it plans to provide a variety of advantages through its rewards program based on NFTs. These advantages will include exclusive access to digital content and live events at Starbucks stores, as well as the possibility of winning exciting trips such as a visit to Starbucks’ coffee farm in Costa Rica.
In the second half of 2022, the NFT market experienced a downturn, along with other cryptocurrency sectors. However, recent developments suggest that the market is now gaining momentum, as total sales rose above $2 billion in February 2023. This is the highest figure recorded since the market crash in May last year.
The sale of the Siren Collection NFTs marks a significant milestone for Starbucks as it continues to explore the possibilities of Web3 technology.
Starbucks’ move into Web3 and NFTs highlights how the digital asset space is starting to attract mainstream adoption, with large corporations and global brands incorporating blockchain and NFT technology to engage with their customers.
As NFTs continues to gain mainstream acceptance, it seems likely that more companies will seek to leverage the technology to engage with customers and fans in new and innovative ways.
Starbucks’ introduction of NFTs into its loyalty program is another sign of how NFTs are evolving beyond just the art market and into other sectors, including fashion, sports, and entertainment.
It remains to be seen how NFTs will fare in the long run, but the initial interest shown by consumers indicates that blockchain and web3 technology have a bright future ahead.