Coffee giant, Starbucks, released its first collection of NFTs as part of a new web3 loyalty programme named Odyssey. The “Siren Collection” of these NFT “Stamps” sold out in just 18 minutes.
The notion of a loyalty card covered in stamps is nothing new, especially in the coffee shop world. Part of a new collection, a digital version of this concept in the form of Starbucks NFTs dropped last week. The “Stamps” sold out at a heart-palpitating speed.
After months of anticipation and hype, a brand-new web3 loyalty programme has dropped in the form of Starbucks’ “Siren Collection”. This drop consisted of 2000 NFT “Stamps”, and forms part of the invitation-only “Odyssey” programme. This blockchain-based loyalty scheme encourages members to complete activities such as quizzes, as well as make in-store purchases in order to earn more Stamps.
Starbucks NFTs Fever
The Siren Collection was released on Thursday last week (9th of March), with Stamps available for $100 each. Members were only allowed to purchase two Stamps NFTs each, and could pay using a credit card or by connecting their MetaMask wallet. Despite attempts to make Stamps available to more members, demand was so high that the site experienced errors. Overwhelming traffic and enthusiasm meant the 2000-token collection sold out in under 20 minutes.
Stamps that had already been collected by members, prior to the Siren Collection drop, have hit the secondary market. On NiftyGateway, a “Holiday Cheer Edition 1 Stamp” has gone over $1390 with over $170,000 in trading volume.
The fact plenty of these digital Stamps were given to loyalty programme members for free, but are now worth decent chunks of money, is creating a lot of excitement. These Starbucks NFTs have been dubbed the “next-generation loyalty programme”, aiming to make NFTs accessible even to non-crypto fanatics.
Mass Adoption of NFTs
Starbucks is an enormous and world-famous company and brand. Having NFTs adopted by such a prominent business is significant for the mass adoption of NFTs.
There has been resistance to NFTs and blockchain technology. Plenty of people view it as a fad, or a flash in the pan. Certainly, NFTs with no utility being valued astonishingly highly, then plummeting in value isn’t a great look. In fact, this led many to believe that NFTs were dead. Unattainable celebrity endorsements created an unrealistic hype around certain collections. All of this made it difficult to view NFTs as a useful technology that could have a place in mainstream society.
Starbucks is one of a few big companies, alongside Spotify and Nike, that is introducing NFTs into its business model. This is a fantastic example of NFTs being used seamlessly alongside traditional products, in a way which adds true value to customer experiences. More examples of these, and NFTs could be adopted on a wider scale sooner than we all may have thought!
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