On Thursday, March 9th, coffee company Starbucks launched its first premium non-fungible token collection. Called “The Siren Collection,” the NFT set consists of 2,000 stamps which early adopters to Starbucks “Odyssey” rewards program could mint for $100. The NFTs have proven popular thus far, with the floor price of the collection, as of this writing, resting at $389.
The Siren Collection explores the journey of the Starbucks’ logo from its humble origins in Seattle, Washington, to its status as a global symbol of the coffee giant. There are five different versions of the stamp, which correspond to five different Siren expressions. The drop, while plagued with errors, sold out in just 18 minutes.
This is Starbucks’ first paid NFT collection, with the other (a holiday stamp) offered for free. Speculators hounded that holiday stamp drop, with many suspecting that Starbucks’ first Odyssey NFT collection would command higher prices in the future. Currently, that NFT collection has a floor price of $1,796.
Many are counting on Starbucks’ Odyssey rewards program to lead to mass adoption of NFTs, given the number of customers in Starbucks’ regular rewards program. Although the Odyssey program is still in beta mode, the rising prices of the Odyssey NFTs may show that there is interest in the Starbucks’ program.
The company has said that the NFTs in its Odyssey program will come with in-real-life rewards, such as drink mixing classes and even a trip to the Starbucks coffee farm in Costa Rica. Starbucks is one of the few companies to employ NFTs as part of a rewards program, with many opting for simple NFT drops.
Starbucks Bets Big on Web3
When Starbucks announced it was entering Web3 with an NFT rewards program, the entire non-fungible token space buzzed with excitement. And, of course, the news reached Rarity Sniper reporters as well. Here are three stories that we have written about the Starbucks reward program since the company’s first announcement.
First, seven months ago, Starbucks revealed it was entering the Web3 space. While that first announcement did not share many details, the company indicated it would launch “coffee-themed non-fungible tokens” and that owners of the tokens would receive in-real-life prizes.
Next, on September 12th, 2022, the coffee company announced the name of the program: “Starbucks Odyssey.” And it shared more details about the program as well. Those details included calling its NFTs “journey stamps” and revealing that users could amass them by completing quests or games.
Lastly, three months ago, Starbucks officially opened its Odyssey rewards program for beta testing. The company picked the first group of testers from a pool of customers and Starbucks employees.
As the floor prices of the two Starbucks NFT collections show, the Odyssey rewards program has so far captured interest. And given the company’s stature, it will likely capture more in the future. Here at Rarity Sniper, we’ll be keeping an eye out for further developments in the story.