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NFT sales had dropped down to 83% in 2022, but Starbucks manages to sell 2,000 of its NFT’s in 18 minutes! 

The Siren Collection

Starbucks rolled out its digital extension of the rewards program called the ‘Siren Collection ‘, and its token’s called stamps were released on the Starbucks Odyssey, the company’s web loyalty program. They decided to call it Siren because it features various versions of their iconic sirens and each of the stamps are built with five different layers of original Starbucks art. All the stamps were priced at a $100 each at the time of release and if you were a member of the Starbucks Odyssey, you were able to secure one or two stamps on Mar 10, 12 PM EST and the two forms of payment accepted were the MetaMask Wallet or through a credit card. 

Starbucks Odyssey

Odyssey is aimed at delivering immersive experiences unlike any other and allowing the fans to feel more connected to their favorite coffee business, making a massive digital community. Fans are excited about getting special perks, free coffees, and some dough in the process. There are tons of trivia questions to earn free coffee, fun challenges, a lot of fun mini games like matching the cups with year of release, instore purchases for rewards, a chance for a trip to the Starbucks Hacienda Alsacia coffee farm in Costa Rica and a Starbucks for Life challenge allowing one lucky contestant free coffee for their entire life!

Perks And Rewards

The program was launched on the polygon blockchain which aims to make the user experience friendly and easy especially for non-crypto users, allowing them to make easy credit card purchases, but upon release their discord server started exploding with complaints regarding error messages and site access due to receiving excess traffic. Even with the issues it sold out in 18 minutes. And if you were lucky enough to secure one and hold onto it, it’s currently valued around $600 for the basic stamps and if you unlocked the holiday the stamps by completing journeys, they go for an exorbitant $1300! The initial invitations were only sent to a very small group of members in December, but they have continued to offer a wider group starting January, anyone can join it. There are three levels: 1000 to 2999 points, 3000 to 5999 points and 6000+ points, which unlock various benefits in the future, although the rewards have not yet been revealed but is expected to include exclusive trips to events, limited merch, virtual coffee making classes etc. A limited portion of the release proceeds have also been dedicated towards the support of nonprofit causes.

References:

https://www.forbes.com/sites/markfaithfull/2023/03/10/starbucks-nfts-sell-out-in-18-minutes-as-secondary-price-soars/?sh=703611e85394

https://www.geekwire.com/2022/i-just-earned-and-sold-my-first-starbucks-nft-how-it-works-how-much-i-made-and-what-i-learned/

https://stories.starbucks.com/stories/2022/the-starbucks-odyssey-begins/