Starbucks announced to connect more closely with its customers through the launch of a series of NFTs in the primary market. The recent launch of Starbucks Odyssey, also known as Stamps, saw a record sellout of 18 minutes. Siren Collection is the last drop in the series consisting of a total of 2,000 items that represent Siren.
Members were able to buy two stamps each at the valuation of $100 at Nifty Gateway. However, there was a scene at the time of purchase since many users reported that they were unable to get their hands on the NFT piece. Per the reports on Discord, the site crashed after a large number of customers went on the marketplace to buy their fair share of the NFT from Starbucks.
If it does not crash, then the side begins showing error messages to the visitors. Thereby restricting them from purchasing Stamps.
The floor price at the time of drafting this article stands at $389; however, holders are believed to have sold their NFTs for a price as high as $1,700. The secondary market volume stands at $121,795.
Starbucks Odyssey is the Web3 loyalty program of Starbucks launched with the objective of better connecting with customers. It takes the brand a step ahead in the Web3 sphere, making it one of the few brands to have considered and executed the plans of debuting in the said segment.
The program was launched on the Polygon blockchain with the tagline of a next-generation loyalty program that was likely to help the brand establish a better relationship with its customers. It has worked so far, and the 18-minute sellout is evidence of that.
Starbucks dropped the first stamps in December under the title Holiday Cheer Edition 1. It was valued at $1,796 in terms of the food price.
The NFT marketplace has evolved, enabling all customers to grab a piece of the NFT collection even if they don’t hold any digital currency. For instance, several brands allow customers to buy their NFTs using credit cards, keeping wallets as an alternative for those who hold cryptocurrency. Starbucks followed the trend to tap into the wide audience size.
The Stamp Collection was made available to all the customers irrespective of what kind of currency they held. Interested users could directly pay via credit cards if they did not have any crypto with them. Others could leverage MATIC tokens to grab a piece of the NFT collection.
Starbucks, among other brands, has become a perfect example of how companies can utilize blockchain technology to improve their relationship with their customers or to enhance their relationships with existing customers. True, most of them are moving with the time to explore what comes their way – Web3 in this situation.It is right to assume that Starbucks has managed to get a good start in the Web3 sphere, with a lot to come in the future.