NFT
After selling out its first premium NFT drop in a matter of minutes last month, coffee chain giant Starbucks is set to launch another collection this week—and suggests that a public launch for its Odyssey Web3 rewards program may be nearing.
On Wednesday, April 19, Starbucks will launch its First Store Collection, a set spanning 5,000 NFT “stamp” collectibles minted on Ethereum scaling network Polygon. The NFTs are priced at $100 apiece, similar to the previous drop that offered just 2,000 NFTs.
Each of the new NFTs is described as a “multimedia collage of photos, in-store textures, and prominent icons” inspired by the chain’s first store in Pike Place Market in Seattle. Buying an NFT also earns users 1,500 points towards rewards within the Starbucks Odyssey app. Users who already own two Starbucks NFT stamps will have early access to the drop on Wednesday.
Starbucks Serves Up Its First Premium NFTs at $100 a Pop
Starbucks Odyssey debuted in a closed beta test in December, with users gradually added via a waitlist to try out the Web3 expansion of the brand’s existing rewards initiative. A company representative said at the time that the program had seen “unprecedented interest” from customers.
Starbucks sent a marketing email to Odyssey beta testers today with the subject line, “We’re Getting Closer,” suggesting that a public rollout may be imminent.Decrypt reached out to a company representative for further details, but did not immediately hear back.
Following Wednesday’s NFT drop, Starbucks Odyssey will roll out a series of benefits for beta users on April 24, providing perks based on how many points each user has earned.
Starbucks provided a first look at the rewards today. The base-level rewards include a virtual coffee preparation class or a donation to Feeding America to provide meals for people in need.
Higher-level options include the ability to name a tree at Starbucks’ Costa Rican coffee farm, a personalized MiiR 360 tumbler with owned NFT artwork on it, or a select free in-store drink every day for 30 days. Users earn points by completing in-app objectives, like interacting with Starbucks content and buying drinks from its stores.
Starbucks began launching free NFT stamps for early users in December, and demand for the company’s very first NFT started to surge. The initial Holiday Cheer Edition 1 stamp has been resold for as much as $2,085 through the official Nifty Gateway secondary marketplace, although the current low asking price is only about $1,050.
March’s launch of the first Starbucks premium stamp, the Siren Collection, produced a rapid sell-out as all 2,000 NFTs were snatched up within 18 minutes, the company said. Originally sold for $100 apiece, the Siren NFTs now start at $500 apiece on the secondary market. Overall, Starbucks NFTs have generated more than $1 million in trading volume to date.
