Starbucks unveiled its first set of limited edition non-fungible tokens on March 10, which consists of a collection of 2,000 digital ‘stamps.’
Each NFT had a $100 price tag in “The Starbucks Siren Collection.” However, the launch came on the back of a macroeconomic downturn that shook the crypto market once again.
Starbucks Rewards Extended on Polygon
According to the Odyssey Market on Nifty Gateway, the collection generated a secondary market volume of $117,546 through 308 sales. The collection now has 1,166 unique owners, pushing the original list price to a floor price of $379.
Reports suggest that the collection was sold out within 20 minutes.
On December 8, Starbucks released the beta version of its Starbucks Odyssey experience. The program gave users a chance to take part in Starbucks Odyssey “Journeys,” which are a collection of interactive tasks to earn collectible “Journey Stamps” (NFTs) and Odyssey Points.
Starbucks Rewards credentials extended for the Odyssey experience. Through interactive offers, Starbucks offered its members’ Journey Stamp’ awards. The NFTs are built on Polygon, which allows a rewards program on web3.
However, this time around, a market slowdown has followed the debut. The market capitalization of all cryptocurrencies dropped below $1 trillion on March 10, with a value decline of almost 8% over the previous day. As the market rally reversed, Bitcoin fell below the crucial $20,000 threshold for the first time since moving above it on Jan. 13.
Loyal Programs Bring NFTs to the Forefront
In the last couple of years, loyal programs have extended to NFTs amid a market craze. Recently, Brazil’s Nubank also launched a loyalty program for its customers on Polygon. Meanwhile, several NFTs modeled on Applebee’s well-known menu items were released in December. It also launched ‘Metaverse Monday’ with the NFT community to ‘bridge physical and digital experiences.’
In 2021, food chain giant Taco Bell entered the fray with its own NFTs. Reports also suggest that e-commerce behemoth Amazon could be preparing to sell NFTs on its platform. Sources to Big Whale claim that a 15 NFT collection will debut on April 24, in conjunction with Amazon’s marketplace.
However, amid the FUD, global NFT sales have taken a hit. According to data by CryptoSlam, global NFT sales fell by 1.5% to $27.3 million. Despite that, the number of unique buyers rose by over 9%.
BeInCrypto has reached out to company or individual involved in the story to get an official statement about the recent developments, but it has yet to hear back.