NFT
Starbucks Odyssey, the espresso chain’s NFT-driven rewards program constructed on Ethereum scaling community Polygon, continues to be in closed beta—however early adopters are already flipping the NFT stamps for almost $2,000 apiece.
Because the beta launch of Starbucks Odyssey in December, its stamp NFTs have seen 360 complete gross sales on Nifty Gateway’s official secondary market, with over $143,000 in complete quantity traded. That comparatively low quantity is to be anticipated, contemplating solely a restricted variety of customers have been allowed in from the waitlist, and the corporate has solely launched 4 NFT drops in complete.
However what’s shocking is the excessive ground value—or value of the cheapest-listed asset—of a few of Starbucks’ NFTs. On Nifty Gateway, the present ground value on a “Vacation Cheer Version 1 Stamp” Polygon NFT is simply over $2,000 as of this writing. This one NFT drop alone additionally makes up 80% of all of Starbucks’ complete NFT quantity traded on {the marketplace} to date.
Starbucks Sees ‘Unprecedented Curiosity’ as Polygon NFT Rewards Platform Launches
Simply 5,000 editions of the Vacation Cheer Version 1 stamp had been launched. It was apparently given away free to Starbucks Odyssey members who accomplished sufficient challenges to satisfy the requirement, and likewise purchased a present card as a vacation present. However now, individuals are promoting it for as a lot as $1,900, with a fair greater ground value as of now.
It’s Starbucks’ first-ever NFT, launched on December 16, in order that historic aspect could also be part of the enchantment. Others look like speculating on the NFT’s chance for future elevated worth and are flipping them for a better value. Some customers are shopping for multiples of the identical NFT, presumably as a result of they consider they will make a revenue by flipping them.
2/ You earn factors for doing stuff, and you need to use these factors for getting advantages later pic.twitter.com/94mgTYRif7
— Composability Kyle (@KyleSamani) January 25, 2023
Starbucks’ three different NFT drops are apparently much less in demand and thus have decrease ground costs, starting from $69 to $285 at current.
Do Starbucks NFT holders get any IRL advantages? It’s been promised, together with issues like entry to personal occasions and worldwide journeys, nonetheless none have been actualized but. Odyssey customers can earn factors by finishing duties corresponding to on-line trivia challenges and redeem them for NFT stamps. Shopping for drinks at Starbucks also can grant customers factors that may result in unlocking NFTs.
Sooner or later, Starbucks additionally plans to promote limited-edition premium NFTs. It is nonetheless unclear when Starbucks plans to open up the Odyssey platform to the general public. Starbucks has not but responded to Decrypt’s request for remark.
