• Starbucks released its first set of limited edition NFTs, the Siren Collection, which sold out in 18 minutes.
• The collection was available to members of the Starbucks Odyssey loyalty program and featured 2,000 NFTs at a price of $100 each.
• The release marks an important milestone in Web3 adoption as Starbucks has over 31,000 stores globally with 60 million customers served weekly.
Starbucks‘ Web3 Platform
Starbucks Odyssey released its first set of limited edition NFTs on March 9, 2023. This marked an important milestone for the company as it moved towards mainstream Web3 adoption.
The Siren Collection
The collection featured 2,000 NFTs featuring the company’s iconic Siren for $100 apiece. Members of the loyalty program were able to purchase a maximum of two stamps via their credit cards or MetaMask wallets and despite technical issues on the official mint site, it sold out in an impressive 18 minutes with prices skyrocketing to $445.
Previous Free NFT Collections
Prior to this paid flagship collectible, Starbucks had previously offered free NFTs called Stamps to invitees of their loyalty program Odyssey who completed activities such as quizzes and in-store purchases. This free collection saw impressive numbers in secondary sales generating over $170,000 in trading volume and was likely one factor that drove them to offer a paid version.
Impact On Web3 Adoption
With over 31,000 stores spanning the globe and 60 million customers served weekly, Starbucks‘ numbers could propel Web3 into mainstream adoption if successful enough. Competitors like Adidas, Gamestop and Taco Bell have already beaten them to this realm but with such significant reach worldwide they may be able to take it further than their competitors could ever dream of reaching.
Conclusion
The success or failure of this new venture is yet unknown but if successful it could mark a turning point for mass-market consumer adoption of non-fungible tokens (NFTs). Keep your eyes peeled for updates from Starbucks‘ Web3 platform!