Starbucks Sees Continued Success with Odyssey NFT Program
With its latest and first paid offering selling out in minutes and producing nearly $250,000 USD in secondary volume in a matter of days.
Starbucks continues to find growth in the Web3 realm despite bear market conditions, with the first paid digital collectible from its Odyssey program selling out in under 18 minutes and secondary volume reaching over $234,000 USD at the time of writing — according to data on the collections Nifty Gateway page.
The latest release follows the success of its first free-to-claim collectible, which has seen over $180,000 USD in secondary volume and currently sits at a floor price of $1,750 USD per token.
Its latest collection “Stamps,” offered to its Beta members, features a version of the company’s iconic Siren, with each stamp originally being priced at $100 USD.
Members were able to purchase up to two stamps each using a credit card or by connecting their MetaMask wallet. With the successful performance of its last collectible, the site experienced a great deal of traffic, several technical difficulties, and an ultimate sellout of the 2,000-piece collection in just under 18 minutes.
As one of its primary goals, Starbucks Odyssey aims to provide a user-friendly experience for non-crypto natives, allowing users to purchase NFTs with only a credit card. Built on the Polygon chain, Odyssey also follows the formula of the company’s successful loyalty program. To reach its desired goals, Starbucks has partnered with Forum3, a “next-generation loyalty platform” aimed at building a brand relationship between customers and Starbucks — according to comments by co-founder Andy Sack shared by CoinDesk.
4/ Web3 offers an unprecedented opportunity to make that possible, by allowing both the existence of digital collectibles themselves, combined with endless brand engagement, rewards and storytelling possibilities. pic.twitter.com/B0E4hLhyFp
— adam brotman (@adambrotman) December 8, 2022
Speaking to the value proposition of loyalty programs in Web3, Forum3’s Co-CEO, Adam Brotman said that “in the future, people will interact with loyalty programs not only as ‘consumers’ or ‘customers,’ but also as participants, members of a community, as well as owners,” adding that it is what “excites us the most about ‘Web3’ and the future.”
In other news, Coinbase announces three major Web3 infrastructure tools.
