The Pumpkin Spice Latte has become synonymous with fall, a refreshing beverage that has hints of autumn, colored leaves, and pleasant temperatures. Now, to celebrate the 20th anniversary of the introduction of that beverage, Starbucks is launching an NFT collection called “The PSL Collection: Spiced Stamps.”
Each stamp — the terminology Starbucks uses for its digital collectibles — will cost $20, and there will be four types available, representing the different qualities of the popular drink: Spiced, Whipped, Iced, and Steamed. Only members of Starbucks Web3 rewards program Odyssey will be able to mint, though it may be possible to snag one on secondary markets.
Unlike for previous Starbucks NFT collections, The PSL Collection NFTs will be released as open editions, meaning an unlimited number of each can be minted. Odyssey members are limited to minting four NFTs total, however, indicating that there will be a cap on the total number of NFTs in the collection. Odyssey is still in beta mode, with a sizeable waitlist for interested fans of the brand.
The mint will run from October 5th until October 9th with the artwork for the four Stamps revealing on October 10th. It will take place exclusively on Nifty Gateway, the partner for the other Starbucks NFT collections, and buyers will be able to purchase a Spiced Stamp using a credit card, ETH, or a Nifty Gateway or Gemini balance. There will also be a ‘Buy Now, Pay Later’ option.
Each purchased Stamp will carry with it a reward of 250 Odyssey program points, which a user can employ to level up their Starbucks rewards program experience. However, the points will disappear if the user sells or transfers the Stamp, a move that may discourage those trying to flip the NFTs.
Starbucks Odyssey Rewards Program Makes News
When Starbucks announced it was entering Web3, the news sent shockwaves throughout the NFT community. After all, Starbucks is a global company with nearly 34,000 stores worldwide and a net revenue of $23.5 billion in 2020. Since then, it has continued to make news in Web3. Here are three stories involving it and the next iteration of the internet.
First, two months ago, Starbucks celebrated its baristas with the Green Apron NFT set, a homage to 50 years of its employees providing great service to coffee lovers all around the world. There were 5,000 NFTs total with each costing $100 to mint. The tokens were part of its Odyssey Web3 rewards program, which gives users the opportunity to win cool prizes.
Next, seven months ago, Starbucks tabbed its “Siren” logo for its first premium NFT collection aptly called “The Siren Collection.” There were 2,000 NFTs total, a present to early adopters of Starbucks Web3 program. The drop was a success, selling out in under 18 minutes.
Lastly, 10 months ago, Starbucks opened its Odyssey rewards program for beta testing. Through the program, participants can earn points for completing tasks and collecting NFTs (called Stamps). Later, the users can redeem their points for a variety of prizes, including a trip to the Starbucks farm in Costa Rica.
Starbucks continues to make news in Web3, which is a good sign for the space. Time will tell if its rewards program is truly successful, but given the company’s stature, we think there’s a good chance it will be.