Unifred Unifred 10.03.2023

Starbucks Odyssey's Newly Launched NFT Collection Sold Out in 18 Minutes

Starbucks Odyssey, the Web3 loyalty program of the American coffee-selling company Starbucks, has raised $200,000 from selling its newly-launched The Siren Collection. The series consists of 2,000 NFTs called Stamps featuring the brand’s recognizable siren, with a minting price of $100 apiece. 

Every Starbucks Odyssey member was eligible to purchase two Stamps using a credit card or a MetaMask wallet. The mints and secondary sales were conducted on the popular NFT marketplace Nifty Gateway. 

During the minting, Starbucks Odyssey's Discord community members complained about their inability to access the website due to heavy traffic. Despite the setback, the Siren Collection sold out within 18 minutes, as reported by CoinDesk.

Secondary sales of the stamps have also picked up, bringing its current floor price to around $400. 

Starbucks' push into the NFT and Web3 space dates back to September 2022, when the company launched the Odyssey initiative on the Polygon network. The brand integrates NFTs with its existing Rewards loyalty program, allowing users to participate in in-app activities such as quizzes to earn rewards like NFTs.

Andy Sack, the co-founder of Forum3, a Web3 company that partnered with Starbucks to launch the program, said: “Odyssey is a 'next-generation loyalty platform' aimed at building a brand relationship between customers and Starbucks.”

Aside from the Siren Collection, Starbucks Odyssey has launched four other NFT initiatives, including the Holiday Cheer Edition 1 Stamp, Doing Good Journey Stamp, Bean to Cup Journey Stamp, and Coffee Heritage Journey Stamp, released between December 2022 and January 2023. 

These digital collectibles are now trading for a significant amount on the secondary market. For example, the Holiday Cheer Edition 1 Stamp, one of the first collections on Odyssey, has a current floor price of nearly $1,800.

The rapid selloff from Starbucks Odyssey's latest NFT project indicates that its coffee-loving audience also has an interest in trading digital collectibles. On a broader scale, the recent sale signals a wider mainstream adoption of NFTs that is definitely promising.