Starbucks introduces a new NFT collection on the Polygon network – Cryptopolitan

Starbucks introduces a new NFT collection on the Polygon network – Cryptopolitan

Global coffee house giant, Starbucks, will unveil its latest NFT collection, “The Starbucks First Store Collection”, on the Polygon network. This new collection pays tribute to the company’s first store, established in 1971 at Seattle’s iconic Pike Place Market.

Emphasizing the historical and sentimental value of its first store in its Nifty Gateway NFT marketplace, Starbucks says the collection provides a unique opportunity to own a piece of Starbucks history.

On Wednesday, 5,000 “The First Store Collection stamps” will be available for purchase, each priced at $100. Collectors who own two or more different “Journey Stamps” from Starbucks’ previous NFT venture will have early access to the First Store collection at 9 a.m. PDT. The general sale begins at 12pm PDT, with a limit of one stamp per person for all collectors.

Starbucks’ previous attempt at the web3 domain

This announcement comes on the heels of Nike’s recent foray into the crypto space with its first “digital-creation collection” on the .Swoosh blockchain platform. Like Nike and many other brands, Starbucks chooses terms like “collection” or “stamp” over “NFT.”

During an earnings call, Starbucks first revealed its plans to explore the web3 domain in May 2022, and announced a launch of the NFT collection to provide users with exclusive content, experiences and other benefits. Starbucks CMO Brady Brewer shared the company’s vision to create a “digital third place” and redefine Starbucks community membership through web3-inspired ownership and community-based models.

In September, Starbucks unveiled Odyssey, an extension of Starbucks Rewards designed to strengthen brand loyalty in the virtual realm. In December, Starbucks launched a beta test of Odyssey, which allowed members to participate in interactive journeys, such as games and virtual tours, and earn Odyssey points that can be redeemed for rewards or collectable and tradable “Journey Stamp” NFT- is.

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At the time, Starbucks also announced its partnership with Nifty Gateway and Polygon. Last month, Starbucks debuted its first paid NFT collection, the “Siren Collection,” which sold out in under 20 minutes. The 2,000-item collection also featured a version of the Starbucks Siren logo, with stamps priced at $100 each.

The current floor price for the Siren stamps is around $495, marking a gain of nearly 400%. The floor prices of Starbucks’ Journey Stamps, which were originally offered as free rewards, now trade between $70 and $1,000 each.

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