Starbucks, a prominent coffee company, is taking significant strides towards embracing Web3 through its Starbucks Odyssey rewards program on the Ethereum sidechain network, Polygon. The program is currently open in beta to a limited number of users. Starbucks has recently launched its first paid collectible after releasing a few free reward NFTs to early adopters. The limited edition Siren Collection, comprising 2,000 NFTs, will be launched today at 3 p.m. ET for beta users on the platform. Each NFT will be sold for $100, and each unique piece of artwork will be inspired by the brand’s iconic logo, a “super mermaid.” The 2,000 pieces will be based on five different Siren “expressions” that follow her “journey from local Seattle celebrity to revered global icon.”
Each user can purchase up to two premium NFT stamps, with each stamp coming with 1,500 bonus points that can be used to “level up” a user’s Odyssey account to earn future rewards. Starbucks initially launched the Odyssey closed beta in December, and since then, it has given away four free Polygon-based NFTs to users for completing specific in-app challenges, including trivia challenges about the company, ordering Starbucks food and drinks, or gift cards.
Starbucks aims to offer its NFT-based rewards program users a variety of potential benefits, such as exclusive access to digital content and live events in stores, as well as potential trips, such as a visit to Starbucks’ coffee farm in Costa Rica. Starbucks has reported that it has seen unprecedented interest from users wishing to join what has been billed as a next-generation evolution of the existing Starbucks Rewards program.
Although the NFT market experienced a slump in the latter half of 2022, along with the rest of the crypto space, it appears to be picking up steam, with overall sales surging above $2 billion in February, the highest total since before the market crash last May. The Starbucks NFT-based rewards program has already generated considerable value on the secondary market, with the first Starbucks NFT, the Holiday Cheer Edition 1 stamp, selling for over $1,000 apiece, and the top sale reaching $1,900. The Nifty Gateway-powered marketplace has handled over $222,000 worth of secondary sales.