Starbucks is the latest institutional investor to dive into the digital assets space. The company introduced its first set of limited edition nonfungible tokens (NFTs) on March 10, 2023. Every NFT in “The Starbucks Siren Collection” was originally priced at $100. The collection generated a secondary market volume of $117,546 via 308 sales.
The NFT collection is made up of 2,000 digital ‘stamps.’ Starbucks is said to have made a bold move that comes on the back of a macroeconomic downturn that shook the entire crypto market once more.
Starbucks Rewards Extended On Polygon
Based on the Odyssey Market on Nifty Gateway, the collection generated a secondary market volume of $117,546 through 308 sales. This collection now has 1,166 unique owners, pushing the original list price to a floor price of $379. Reports suggest that this collection was sold out within 20 minutes.
Starbucks has been trialing NFTs as part of its rewards program.
NFT traders are flipping them for thousands https://t.co/U0HEXqLMZm
— TIME (@TIME) March 10, 2023
On December 8, Starbucks released the beta version of its Starbucks Odyssey experience. Notably, the program allowed users to participate in Starbucks Odyssey “Journeys,” which consist of a collection of interactive tasks to earn collectible “Journey Stamps” (nonfungible tokens) and Odyssey Points.
Starbucks Rewards credentials extended for the Odyssey experience. Through their interactive offers, Starbucks offered its members ‘Journey Stamp’ awards. The NFTs are built on Polygon, which supports a rewards program on Web3.
Nevertheless, this time around, a market slowdown has followed the debut. The market capitalization of all cryptos plunged below $950 billion on March 10, with a value drop of nearly 8% over the previous day. As a market rally reversed, Bitcoin plunged below the important $20,000 threshold for the first time since it moved above it on January 13.
Loyalty Programs Bring NFTs To The Limelight
In the past several years, loyal programs have extended to nonfungible tokens amid an extensively crazy market. Recently, Brazil’s Nubank also unleashed a loyalty program for its clients on Polygon. In the meantime, many NFTs modeled on Applebee’s renowned menu items were released in December. It also unveiled ‘Metaverse Monday’ with the NFT community to ‘bridge physical and digital experiences.’
In 2021, food chain giant Taco Bell entered the space with its NFTs. Reports also indicate that e-commerce giant Amazon is preparing to sell NFTs on its platform. Sources claim that a 15 NFT collection will debut on April 24, 2023, in partnership with Amazon’s marketplace.
Our Spicy Potato Soft Tacos can now live in your hearts, stomachs and digital wallets. https://t.co/IC8b45lmd9 pic.twitter.com/FJUcuwCuyy
— Taco Bell (@tacobell) March 8, 2021
Nevertheless, amid the FUD, global NFT sales have taken a massive hit. Based on data published by CryptoSlam, global NFT sales dropped by 1.5% to $27.3 million. Despite all that, the number of distinct buyers increased by more than 9%.