Polygon-based Starbucks Odyssey NFTs are already selling for thousands of dollars apiece
With four airdrops, the Starbucks Odyssey NFT program has attracted over $100,000 in total traded volume in less than three months.
In mid-September 2022, Starbucks Coffee Company announced that it is partnering with Polygon (MATIC), an Ethereum-based scaling solution, to develop an NFT loyalty program for customers in the United States. Dubbed the Starbucks Odyssey, the company’s NFT tip program has reportedly grown exponentially, with each piece selling for thousands of dollars.
After launching in beta in December, Starbucks Odyssey has facilitated 360 sales on Nifty Gateway’s official secondary marketplace, with over $143,000 in total traded volume. With four airdrops and one artist, Starbucks Odyssey’s ‘Doing Good Journey Stamp’ collection has a floor price of $60 and a traded volume of $1k. The ‘Bean to Cup Journey Stamp NFT collection has a floor price of around $85 and a total volume of approximately $12k.
The second NFT airdrop of Starbucks Odyssey, called ‘Coffee Heritage Journey Stamp, has a floor price of around $275 and a total traded volume of $14k.
However, it is the current floor price of the “Holiday Cheer Edition 1 Stamp” Starbucks Odyssey NFT of over $2,000 that has attracted enormous attention. As of Friday, the NFT drop alone also accounts for about 80 percent of Starbucks Odyssey’s total NFT volume traded in the market, at about $115k.
Starbucks Odyssey and Polygon NFT Market Outlook
The Polygon network (MATIC) has emerged as a hub for top Web3 projects, including DeFi protocols such as Aave, Uniswap V3, OpenSea NFT marketplace, and Mark Cuban-founded Lazy.com. Starbucks Coffee Company intends to leverage the massive polygon adoption to grow the NFT community.
In a note during the Starbucks Odyssey launch, Sandeep Nailwal, co-founder of Polygon, indicated that the Ethereum-based scaling solution is a natural choice for Starbucks since both companies place a huge emphasis on diversity, accessibility and sustainability. As a leading infrastructure provider that enables people and technology to collaborate and exchange value globally and freely, Polygon provided the ideal launch platform for Starbucks’ entry into the Web3 industry.
“Building Starbucks Odyssey using technology that aligns with our sustainability ambitions and commitments is a top priority. We took a very thoughtful and thorough approach when evaluating which blockchain to use, and Polygon’s fast, affordable and carbon neutral network is perfect foundation for our first digital community,” Ryan Butz, VP of Loyalty, Strategy and Marketing for Starbucks, noted.
The Polygon network is home to top NFT projects, including the Trump Digital Trading Cards issued by former US President Donald Trump. Other top-traded NFT projects on the Polygon network include Polygon Ape Yacht Club and Lens Protocol Profiles, with a 24-hour total volume of approx. 18 and 138.91 ETH.
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