Starbucks’ NFTs sell out in minutes
The Starbucks Odyssey NFT program faced a high adoption rate with up to 2000 NFT sold out in 18 minutes. The collection sale opened up on Thursday and users were allowed to purchase a maximum of two at $100 each. The high traffic caused the site to crash as the demand was skyrocketing.
Starbucks introduced an NFT program as a form of web 3 loyalty program whereby users get rewarded for completing a set of tasks. It named the NFTs “stamps” as they were in the form of stamps. The company launched the program in December and users would earn stamps for buying milk free coffee or completing online games or quizzes.
The project started off as a beta, a testing phase with a selected number of customers. It surprisingly brought in more than $200, 000 in sales with the NFTs costing way more than coffee. In a secondary market, the stamp would cost as much as $1900. The limited-edition stamps have already been listed in Nifty Gateway secondary market. On Friday 10th March, the average sale price for the stamps was $442 with a total market volume of $121, 795.
Starbucks was able to launch the program through a partnership with Forum3, giving a chance for non-crypto users to experience web3. Interested users could only buy using a credit card. The aim of the next-generation loyalty program is to strengthen the relationship between Starbucks and its customers. The strategy is working as crypto enthusiasts are rallying for the program all over social media. Those who managed to buy the stamps were happy showing them off on the socials. The program has led to more Starbucks adoption in the crypto community.
Contrary to expectation, the stamps are not stored in the blockchain but are stored in users Starbucks reward accounts. The company started off by making users earn them to have them but now it has opened the option of buying them if one is interested. For now, the main drivers of adoption are crypto enthusiasts who are coffee lovers. To create scarcity, Starbucks only issued 5000 editions of their first NFT, the Holiday Cheer Stamp. It is yet to announce the perks of owning the stamp. Many are betting on the hope that the value of the stamp will increase in value in future.