The Starbucks NFT Collection makes its market debut amidst fear and doubt
Starbucks unveiled its first limited-edition set of non-fungible tokens on March 10, consisting of a collection of 2,000 digital “stamps.”
Each NFT had a $100 price tag in “The Starbucks Siren Collection.” However, the launch came against the backdrop of a macroeconomic downturn that rocked the crypto market once again.
Starbucks Rewards Expanded on Polygon
According to Odyssey Market on Nifty Gateway, the rally generated a secondary market volume of $117,546 in 308 sales. The collection now has 1,166 unique owners, pushing its original list price to a floor price of $379.
Reports suggest that the collection sold out within 20 minutes.
On December 8, Starbucks released the beta version of its Starbucks Odyssey experience. The program gave users a chance to take part in Starbucks Odyssey “Journeys”, which are a collection of interactive tasks to earn collectable “Journey Stamps” (NFTs) and Odyssey Points.
Starbucks Rewards credentials extended for the Odyssey experience. Through interactive offers, Starbucks offered its members Journey Stamp prizes. The NFTs are built on Polygon, which allows a rewards program on web3.
This time, however, a decline in the market has followed the debut. The market capitalization of all cryptocurrencies fell below $1 trillion on March 10, with a decline of nearly 8% from the previous day. As the market rally reversed, Bitcoin fell below the crucial $20,000 threshold for the first time since crossing it on January 13.
Loyalty programs bring NFTs to the fore
Over the past couple of years, loyalty programs have expanded into NFTs amid a market frenzy. Recently, Brazil’s Nubank also launched a loyalty program for its customers at Polygon. Meanwhile, several NFTs based on Applebee’s familiar menu items were released in December. It also launched ‘Metaverse Monday’ with the NFT community to ‘bridge physical and digital experiences’.
In 2021, food chain giant Taco Bell entered the fray with its own NFTs. Reports also suggest that e-commerce giant Amazon may be preparing to sell NFTs on its platform. Big Whale sources claim that a 15 NFT collection will debut on April 24, in conjunction with Amazon’s marketplace.
In the midst of R&D, however, global NFT sales have taken a hit. According to data from CryptoSlam, global NFT sales fell 1.5% to $27.3 million. Despite the increase in the number of unique buyers by over 9%.
Disclaimer
BeInCrypto has reached out to the company or person involved in the story for an official statement on the latest development, but has yet to hear back.
