The multinational coffee company Starbucks has been working on its Web3 debut for quite some time, and people are eagerly lining up for things other than just the viral pink coffees. Recently, Starbucks released its first set of limited edition NFTs, and customers wasted no time in placing their orders through the Web3 platform.
People were so quick to have their names written on the Web3 orders that the collection sold out faster than one could order their morning coffee. What’s interesting is that the limited edition NFTs did not include any coffee, yet the demand for them was overwhelming.
Starbucks’ move into the world of Web3 has been a success, as customers are showing a keen interest in this new digital space. With its strong brand reputation and loyal customer base, Starbucks is well-positioned to continue its success in the evolving world of cryptocurrency and blockchain technology.
Starbucks’ Journey into the World of NFTs
This launch of this NFT marked a major milestone for the coffee giant’s foray into the big leagues of blockchain technology. Before this, Starbucks had already been offering free NFTs called Stamps to authorized members of the loyalty program Odyssey.
To obtain these free NFTs, authorized members had to complete activities such as quizzes and in-store purchases. Once they completed these activities, users could collect and even sell their NFTs on Nifty Gateway, a popular NFT marketplace.
The free NFT collection generated impressive numbers in secondary sales, with trading volume exceeding $170,000. It seems that Starbucks took note of this success and decided to capitalize on the momentum by releasing its first set of limited edition NFTs called the Siren Collection.
This move is a clear indication of Starbucks’ intent to continue exploring and innovating in the world of Web3, as it seeks to remain at the forefront of emerging technologies and trends.
The company offered 2,000 NFTs featuring its iconic Siren for $100 apiece in the collection. Members of the loyalty program could purchase a maximum of two stamps using their credit cards or MetaMask wallets.
The product was sold out as a result of high demand
Participants of the Starbucks Odyssey Discord group complained of difficulty accessing the site and receiving error warnings at the opening, as the site was swamped by demand. However, the collection still sold out in approximately 18 minutes, and demand for it on the secondary market remained high. A Siren Stamp now commands a minimum of $550.
A Starbucks spokesman stated that the firm had received an extraordinary demand from people wanting to join the next-generation version of the current Starbucks Rewards program shortly after the Odyssey closed beta debuted in December.
Since then, Starbucks has been giving out Polygon-based NFTs to customers who complete four in-app tasks. The NFTs are earned by completing tasks like playing a company-themed trivia game or placing an order for Starbucks beverages or merchandise. Starbucks gave out its first NFT, the Holiday Cheer Edition 1 stamp, for free, but it has since gained significant value on the secondary market.
Final Thoughts
Starbucks has made a successful foray into the world of Web3 by releasing limited edition NFTs and offering free NFTs to authorized members of its loyalty program. The overwhelming demand for these digital assets is a testament to Starbucks’ strong brand reputation and loyal customer base. With its continued exploration and innovation in the world of Web3, Starbucks is well-positioned to remain at the forefront of emerging technologies and trends in the future.
Ken Emmanuel is a Blockchain Content writer, a Web3 Enthusiast and a Social Media Management Strategist, he likes writing educative contents to help people gain more knowledge and get inspired. The growth of any organization he work with is always his priority. He is a Geographer by profession and loves reading.
