Starbucks has achieved a significant breakthrough in the NFT market through its Odyssey rewards program, which utilizes NFTs as incentives for customers, resulting in its remarkable success. The limited-edition Polygon NFTs, which are part of the program, are now being sold on the secondary marketplace for almost $2,000 each.
Since its debut in December 2022, the Starbucks Odyssey rewards program, driven by NFTs, has generated immense demand for its NFTs, which are considered valuable assets for collectors. Over 360 sales of these NFTs have been completed on the Nifty Gateway marketplace, with a total trading volume exceeding $148,000. The most popular NFT, the “Holiday Cheer Edition 1 Stamp,” constitutes 80% of the total Starbucks NFT volume traded thus far.
The limited edition stamp was offered for free to Odyssey members who completed specific challenges and purchased a holiday gift card. It features a red and green Starbucks cup adorned with a pine tree pattern and the year 2022 displayed on the right-hand side. Although originally distributed for free, this digital collectible is now being sold for nearly $2000 on Nifty Gateway, with 537 owners and a transaction volume of over $100k in the last 30 days.
You faded the FREE Starbucks NFT
Now the floor is at $2000 pic.twitter.com/j1lYlHEof2
— Bark❓ (@barkmeta) February 17, 2023
The Starbucks Odyssey rewards program is established on Polygon, a layer 2 Ethereum scaling solution that enables faster and more cost-effective transactions. Through the program, customers are motivated to engage with Starbucks and purchase its products using NFTs as incentives. These NFTs can be collected and traded on the secondary marketplace, making them valuable assets for collectors and enthusiasts alike.
The triumph of Starbucks Odyssey and its NFT-driven rewards program highlights the potential of NFTs to transform how businesses interact with their customers. NFTs provide companies with a distinct method to reward and incentivize their customers while simultaneously establishing a new revenue stream. NFTs can also help companies create a community around their brand and engage with their customers more profoundly.
As the NFT market expands, more companies are expected to explore the possibilities of NFTs and their capacity to enhance the customer experience. The Starbucks Odyssey rewards program has established a precedent for the successful use of NFTs in business, and we can anticipate more companies following in their footsteps in the future.