This week, the coffee giant will release its second NFT collection and foreshadow the launch of its Web3 platform.
Starbucks’s first special NFT drop sold out in just a few minutes last month. This week, the company is releasing another collection and hints that the public launch of its Odyssey Web3 rewards program may be close.
Starbucks will release its First Store Collection on April 19. This is a set of 5,000 NFT “stamp” souvenirs that will be made on the Ethereum scaling network Polygon. Each NFT costs $100, which is the same as the last drop, which gave out only 2,000 NFTs.
Each of the new NFTs is characterized as a “multimedia collage of photos, in-store textures, and prominent icons” that draws inspiration from the chain’s first store in Seattle’s Pike Place Market. Purchasing an NFT also earns app users 1,500 points toward rewards. On Wednesday, users who already possess two Starbucks NFT stamps will have early access to the delivery.
Starbucks sent a marketing email to Odyssey beta testers today with the subject line “We’re Getting Closer,” which may mean that the app will soon be available to the public
Starbucks Odyssey was first released in December as a closed beta test. Users were slowly added to a waitlist to try out the Web3 version of the brand’s current rewards program. At the time, a company official said that customers had shown “unprecedented interest” in the program.
Starbucks Odyssey will roll out a succession of benefits for beta users on April 24 based on the number of points each user has accrued following Wednesday’s NFT drop.
Today, Starbucks provided a preview of the rewards. Included in the base-level rewards are a virtual coffee preparation class and a donation to Feeding America to provide food to those in need.
At higher levels, you can name a tree at Starbucks’ coffee farm in Costa Rica, get a custom MiiR 360 tumbler with your own NFT art on it, or get a free drink every day for 30 days. Users earn points by doing things in the app, like connecting with Starbucks content and buying drinks from its stores.
In December, Starbucks began distributing free NFT stamps to early adopters, and demand for the company’s first NFT began to increase. The initial Holiday Cheer Edition 1 stamp has been resold for as much as $2,085 on the official Nifty Gateway secondary market, despite the current modest asking price of approximately $1050.
The first Starbucks premium stamp, the Siren Collection, was released in March and all 2,000 NFTs were purchased within 18 minutes, according to the company.
On the secondary market, Siren NFTs, which were originally sold for $100 each, now start at $500 each. To date, Starbucks NFTs have generated a trading volume of more than $1 million.
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