Starbucks’ NFT collection sells out in 20 minutes for $200,000 in subdued market

US coffee giant Starbucks has seen its first set of limited edition NFTs, comprising a collection of 2,000 digital ‘stamps’, sell out in minutes despite generally sour market conditions. Each priced at $100, the NFTs brought in a total of $200,000 for the coffee house giant.

Starbucks launches “The Siren Collection” as part of Web3 Push

Starbucks Odyssey, the company’s Web3 loyalty program, launched its limited-edition “Siren Collection” on Friday. The collection consisted of 2,000 NFTs, called stamps, each with a price tag of $100. The brand’s iconic logo inspired the NFTs.

Notably, the collection was only available to Starbucks Odyssey members, with each member able to purchase up to two stamps. Nevertheless, the NFT collection attracted great interest among users of the coffee chain, and was sold out in just 18 minutes.

Data from Nifty Gateway shows that it has also generated more than $117,546 in secondary market sales. Furthermore, the collection currently has an average selling price of $442 and a floor price of $379. Only 9.5% of the items in the collection are now for sale.

“As Starbucks has grown over the years, the Siren has been right there with us, adapting and evolving to reflect the brand and culture,” reads the collection’s description on NFT marketplace Nifty Gateway. It adds:

“This collection—inspired by five of our most memorable Siren expressions and drawn from our deep coffee stamp archives—consists of 2,000 unique pieces that trace her journey from local Seattle celebrity to revered global icon.”

Starbucks launched its Odyssey program last December as an “industry-leading loyalty program” powered by Web3 and NFT. The program provides customers with benefits such as free beverage upgrades and “immersive coffee experiences such as [customers] can’t get anywhere else” as members complete games, quizzes and make purchases.

The coffee giant has also given away four free polygon-based NFTs to users for completing specific challenges in the app. The NFTs were rewarded for completing trivia challenges about the company or ordering Starbucks food and drink or gift cards.

Also, the “Holiday Cheer Edition 1 stamp,” the first 5,000-edition Starbucks NFT, has increased in value despite being a free giveaway. The collection currently has an average selling price of $1,020.51 and a floor price of $1,752, yielding $179,000 worth of secondary sales.

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Major players continue to experiment with NFTs and Web3

Starbucks isn’t the only big brand experimenting with NFTs and Web3 to explore new opportunities. Recently, it was revealed that Amazon, the world’s largest e-commerce company, is probably preparing to start offering NFTs.

Furthermore, Nubank, one of the largest digital banks in Brazil, announced the launch of a loyalty program for its customers on Polygon earlier this month. The program will issue Nucoin tokens, the bank’s yet-to-be-launched token that will act as a points program for loyal customers.

As reported, electronics giant Sony also filed a patent last November that hints at the company’s vision for a system that can be used to track the creation, use and transfer of digital assets created in a game.

It is worth noting that the market for non-fungible tokens has been in a downward trend for the past couple of months amid a prolonged crypto winter. NFT sales volume has fallen to its lowest level in over a year, and the floor price of blue-chip collections has also taken a hit.

Do you think NFT loyalty programs can give brands a leg up? Let us know in the comments below.

About the author

Ruholamin Haqshanas is an accomplished crypto and financial journalist with over two years of experience writing in the field. He has a solid grasp of various segments of the FinTech space, including the decentralized iteration of financial systems (DeFi), and the emerging market for non-fungible tokens (NFT). He is an active user of digital assets for money transfers.