This is how the beta version of the Starbucks NFT platform works

In September 2022, you could read in the Ethereum news that Starbucks, the famous international coffee house chain from the United States, had partnered with Polygon (MATIC) to launch a web3 initiative called ‘Starbucks Odyssey’. Three months later, the beta version of Starbucks Odyssey was launched and it appears that the early birds have been making nice profits on their non-fungible tokens (NFTs).

What is Starbucks web3 initiative?

Starbucks Odyssey allows members to participate in so-called ‘journeys’: a series of online activities such as playing Starbucks-related interactive games or testing your coffee knowledge. This allows points to be earned that can lead to unlocking digital stamps in the form of an NFT. In addition, purchases at Starbucks can also earn you points. However, the NFTs can also be purchased via a private marketplace. One does not need crypto to be able to buy such a digital stamp.

The NFTs are of course recorded on Polygon’s blockchain, a so-called layer-2 scaling network for Ethereum (ETH). The NFTs provide access to exclusive benefits and experiences.

Popularity of Starbucks NFTs

Since its beta launch in December, a total of 260 sales have been made on the secondary marketplace Nifty Gateway, with a total volume of over $143,000. This relatively low number was to be expected, as only a limited number of users were admitted from the waiting list. The famed coffeehouse chain has launched just four NFT collections in total.

Surprisingly, the floor price by ”Holiday Cheer Edition 1 Stamp” just over $2,000 at the time of writing. This NFT collection already accounts for 80% of the total NFT volume traded to date.

Only 5,000 copies of this collection were released. It was given away for free to members who completed enough journeys and bought a gift card as a holiday gift. These members can now sell their NFT with a nice profit.

The three other collections, on the other hand, are slightly less popular and have bottom prices ranging from $69 to $285.

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