Polygon: Billion-$ company Starbucks launches NFT collection on MATIC blockchain

• The launch of the Starbucks First Store Collection Stamp will help Polygon win higher in the competition against other Ethereum scaling solutions such as Arbitrum.
• Starbucks has several other NFT projects already trading on the Gemini exchange-backed Nifty Gateway marketplace.

Starbucks Corporation, the world’s largest multinational chain of coffee shops and roasteries headquartered in Seattle, has announced a new collection of non-fungible tokens (NFT) called the First Store Collection Stamp on Polygon (MATIC) network. The company has announced the launch of First Store Collection Stamp NFTs to commemorate the nostalgic success of the Seattle store, which has been running since March 30, 1971.

The First Store Collection stamp includes 5,000 digital collectibles, and each piece retails for $100. On a first-come, first-served basis, Starbucks listed the collectibles on the Gemini exchange-backed Nifty Gateway marketplace. The company wrote in a Nifty Gateway note.

Encapsulating that same experience in each unique piece of art, this collection depicts a variety of elements from our home at 1912 Pike Place. With the Starbucks First Store Collection you can own a piece of history,

In particular, the First Store Collection Stamp digital collectibles complement the existing NFTs issued by Starbucks. The company already has other NFTs in the market, including the Starbucks Odyssey which had a traded volume of approximately $1.1 million as of Wednesday.

In the company’s NFT drops, the Signature Showdown Journey Stamp, which was released on April 3rd, had a bottom price of $74 and traded volume of $19k on Wednesday. The Starbucks Siren Collection had a floor price of around $450 and a traded volume of approximately $761k.

Others include the Bean to Cup Journey Stamp, Coffee Heritage Journey Stamp, and Holiday Journey Stamp with floor prices of approximately $67.50, $85, and $1,017, respectively.

Can Starbucks NFTs Rejuvenate Polygon Bulls (MATIC)?

In the middle of the 2023 cryptocurrency relief rally Polygon (MATIC) price is up about 47 percent YTD to trade around $1.12 on Wednesday. The tenth largest digital asset has a total market capitalization of approximately $10.3 billion and a 24-hour traded volume of approximately $482 million. The Ethereum-based scaling solution has continued to develop network scaling technology including Zero Knowledge (ZK) rollups, and the recently launched zkEVM mainnet beta.

As a result, the Polygon network has attracted the attention of significant institutional investors as a means of accessing the Ethereum ecosystem. Already, Polygon’s institutional portfolio is rich, including AAVE, Uniswap V3, Reddit, Robinhood and Quickswap, among others. According to market data from defillama, the Polygon (MATIC) ecosystem has a total value locked (TVL) of approximately $1.1 billion.

The launch of the Starbucks First Store Collection Stamp will help Polygon win higher in the competition against other Ethereum scaling solutions such as Arbitrum.

From a technical standpoint, Polygon (MATIC) bulls and bears have been competing since the asset hit a year high of around $1.55. As a result, a bullish outlook will be validated if the asset breaks above the rejection around $1.18.

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