2 - 4 minute read
Starbucks Odyssey, the coffee giant’s Web3 loyalty program, has released its second collection of non-fungible tokens (NFTs) called the “First Store” collection. The first NFT drop, called “The Siren Collection,” encountered some issues, but Starbucks has been able to learn from its mistakes and create a smoother experience for the second drop.
The “First Store” collection is an edition of 5,000 NFTs priced at $99 each, and the initial sale was limited to Odyssey members who had earned at least two Journeys stamps and had them in their wallet at the time of the pre-sale. Although some members still faced issues of confusion or delays, the overall sale went smoother, and NFTs were still available for purchase at the time of the article’s publication.
The art for the “First Store” NFTs will be revealed on April 20 and will focus on commemorating the location of the first-ever Starbucks store in Seattle. Secondary sales of “The Siren Collection” NFTs have reached a floor price of $460 on Nifty Gateway and have done over half a million dollars in trading volume.
The Odyssey program has also revealed reward tiers for the points that members have accumulated through completing Journeys and buying stamps. These reward tiers offer virtual coffee classes, Starbucks coffee passports, charitable donations to Feeding America, naming a coffee tree and attending a virtual tasting paired with a bag of coffee, among others.
Starbucks Odyssey’s second NFT drop has been a success with a smoother experience and continued investor interest in the tokens.
The Bottom Line
Traders should keep an eye on Starbucks Odyssey and its NFT drops as they continue to attract investor attention. With the success of the “First Store” collection, there may be future opportunities for traders to get involved in Starbucks’ NFT market. Additionally, the reward tiers offered by the Odyssey program may have implications for Starbucks’ future business and customer engagement strategies.