Starbucks Odyssey, the espresso chain’s NFT-powered rewards program primarily based on the Ethereum scaling network Polygon, is still in beta, however early users are already trading NFT stamps for roughly $2,000 each.
Since the December beta launch of Starbucks Odyssey, its stamp NFTs have witnessed 360 complete transactions on Nifty Gateway’s official secondary market, with over $143,000 in volume transacted. This relatively low amount is to be anticipated, given that a restricted number of ready candidates have been accepted, and the corporation has solely distributed 4 NFT drops in complete.
What is exceptional, though, is the high floor price — or price of the least expensive listed asset — of sure Starbucks NFTs. As of this writing, the current floor price for a “Holiday Cheer Edition 1 Stamp” Polygon NFT on Nifty Gateway is simply over $2,000. This single NFT drop accounts for 80% of Starbucks’ whole NFT volume traded available on the market thus far.
The Starbucks Holiday Cheer Edition 1 Stamp on the Nifty Gateway market. Source: Yahoo
Only 5,000 copies of the Holiday Cheer Edition 1 stamp were made out there. It was given away free of charge to Starbucks Odyssey members who completed the required number of challenges and bought a holiday reward card. However, it’s being bought for as a lot as $1,900, with a good larger flooring price.
Starbucks’s first-ever NFT was printed on December 16, due to this fact its historical significance might contribute to its attractiveness. Others appear to be gambling that the NFT’s value will develop and are promoting them at a premium. Some folks buy multiples of the same NFT as a outcome of they really feel they can profit from reselling them.
Meanwhile, the ground pricing for the opposite three NFT drops from Starbucks vary from $69 to $285, indicating that they’re less in demand.
Do Starbucks NFT holders obtain any Actual benefits? Access to unique occasions and overseas travel has been promised, however they’ve but to be carried out. By finishing actions corresponding to on-line trivia challenges, Odyssey customers earn factors redeemable for NFT stamps. Moreover, buying beverages at Starbucks may earn users factors that can be used to unlock NFTs.
Starbucks intends to offer limited-edition premium NFTs in the future. It is still unknown when Starbucks will make the Odyssey platform obtainable to the common public.