Starbucks Is Now Selling $100 Limited Edition NFTs
The brave new world of Web3 may be experiencing a rough patch right now, as evidenced by the high-profile implosion of some crypto companies, but Starbucks is going all in on the future with a new set of $100 limited edition NFTs. For those of you still fuzzy on what NFTs actually are — and let's be real, that's a lot of us — they are essentially one-of-a-kind pieces of digital artwork, which use blockchain technology to ensure only one person at a time can own them. Although prices are down from the highs of the last few years, several companies like Nike and Coca-Cola have invested in NFTs as a way to sell their fans limited-edition collectibles.
Starbucks' NFT program was first rolled out last year with Starbucks Odyssey, a digital experience, and online community that is meant to be an upgraded version of their rewards program. Starbucks Odyssey users can earn and collect NFT stamps, and even buy or sell them within a marketplace. These stamps can then unlock benefits, or be redeemed for experiences, including interactive activities called "journeys." The program is currently still in beta, with only a limited number of users, but the rollout of this new premium NFT collection marks a big step towards fulfilling Starbucks' full vision for Odyssey.
Starbucks NFT Siren Collection goes on sale
While Starbucks has produced several free NFTs for early users of Odyssey, according to Decrypt, their new line is the first fans will have to pay for. The Siren Collection consists of 2,000 unique stamps, which can only be purchased by Odyssey members, and are limited to two per user. The stamps cost $100 apiece and come with 1,500 bonus points, which can be used to upgrade memberships and access benefits. Each unique piece in the Siren Collection will feature one of five different Siren "expressions," tied to the Starbucks mascot's journey to worldwide recognition.
Starbucks fans are clearly excited about the collection because CoinDesk notes that servers were so overwhelmed by traffic that users had difficulty accessing the site. The collection sold out in 18 minutes, and members who snagged one are already selling them for over $500 on Starbuck's secondary market. Though that sounds pricey, it's actually cheaper than some of the original free stamps are going for, with one holiday stamp nearing $1,500 in value. While access to the program remains limited, Starbucks fans who want to get in on the action can still join a waitlist to use the beta. Starbucks has been a bit coy about what the rewards from the new program will fully entail, but true die-hards are hoping adopting early could have big upsides. At the very least, you might be able to make a few bucks trading the images of the brand's "super-mermaid."