Starbucks takes a big step into the Web3 world with its new Polygon NFTs. Prices for these digital assets are already reaching thousands
Starbucks Odyssey is the coffee chain’s rewards program that uses non-fungible tokens (NFTs) built on the Ethereum scaling network, Polygon. Although still in closed Beta, early adopters are already selling these NFT stamps for around $2k.
Quick Take:
- Despite being in closed Beta, Starbucks Odyssey sells 360 “Holiday Cheer Edition 1 Stamp” NFTs, with many selling for thousands on Nifty Gateway.
- Being the first of its kind, hard to get hold of, and opening generous rewards all play a big part in the high demand for the Holiday Stamps.
- Other Starbucks Stamp NFTs are currently in low demand, selling for around $69 – $285.
The Buzz Behind Starbucks’ Polygon NFT Launch
Consumers are buzzing over Starbucks Odyssey NFTs Holiday Cheer Edition 1 Stamp. Around 5,000 of the digital assets were initially given away for free to Starbucks Odyssey members, who bought a gift card as a Christmas gift. However, they are now selling for thousands on Nifty Gateway and, following the hype, continue increasing in price.
The Holiday Cheer NFT is the first of its kind. Thus, the historical element of the digital asset plays a big part in the appeal.
Moreover, Starbucks only allows a limited number of users from its waitlist on its platform following being in Beta. Hence, those lucky enough to access the platform buy multiple at a time for investment purposes. Rarity plays a massive part in the stamps’ desirability.
Although only 360 stamps have been sold, the high cost of the assets means the coffee chain has made a whopping $143k in total volume sales. And this is just the beginning.
The NFTs open up the Starbucks Odyssey platform, where users can earn points by partaking in online trivia games and redeeming their points for stamps. Those with the most points can earn rewards, including access to private events, merchandise, and more.
Although Starbucks has released three similar NFTs, they are currently in low demand, selling for around $69 – $285.
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