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Starbucks Odyssey, the coffee chain’s NFT-powered rewards program built on the Ethereum scaling network Polygonis still in closed beta – but early adopters are already flipping the NFT stamps for nearly $2,000 apiece.
Since beta launch of Starbucks Odyssey in December, the stamp NFTs has seen 360 total sales on Nifty Gateway’s official secondary marketplace, with over $143,000 in total traded volume. The relatively low number is to be expected, given that only a limited number of users have been granted access from the waiting list, and the company has only released four NFT drops in total.
But what is surprising is the high floor price – or the price of the cheapest asset –of some of Starbucks’ NFTs. On the Nifty Gateway, the current floor price of a “Holiday Cheer Edition 1 StampPolygon NFT is just over $2000 as of this writing. This one NFT drop alone also accounts for 80% of Starbucks’ entire total NFT volume traded in the market so far.
Only 5,000 of the Holiday Cheer Edition 1 stamp were issued. It was apparently given away for free to Starbucks Odyssey members who completed enough challenges to meet the requirement, and who also bought a gift card as a Christmas present. But now people are selling it for as much as $1,900, with an even higher floor price as of now.
It’s Starbucks’ first-ever NFT, released on December 16, so the historical element may be part of the appeal. Others seem to speculate on the NFT’s potential for future increased value and flip them for a higher price. Some users buy multiples of the same NFT, presumably because they think they can make money by flipping them.
Starbucks’ three other NFT drops are apparently less in demand and thus have lower floor prices, ranging from $69 to $285 currently.
Do Starbucks NFT holders get any IRL benefits? It has been promised, including things like access to private events and international tours, but none have been actualized yet. Odyssey users can earn points by completing tasks such as online trivia challenges and redeem them for NFT stamps. Buy drinks at Starbucks can also give users points that can lead to unlocking NFTs.
In the future, Starbucks also plans to sell limited edition premium NFTs. It remains unclear when Starbucks plans to open the Odyssey platform to the public. Starbucks has yet to respond Decryptits request for comment.
