Awe! As Starbucks Stocks Up Its Premium NFT at $100 Per Pop for the First time
It was reported earlier today that Starbucks had launched its rewards program. With its Starbucks Odyssey rewards program launch on the Ethereum sidechain network Polygon, coffee giant Starbucks is making progress in the Web3 space. The application, which is now in beta testing with a small user base, has generated some buzz by giving out a few free reward NFTs to early adopters.
From the information gathered the limited edition Siren Collection from Starbucks Odyssey will be the company’s first paid NFT collectible, which will go on sale today. The platform’s beta users will have access to 2,000 of these one-of-a-kind works of art, which will be offered for $100 apiece. The company’s recognizable emblem, which it formerly referred to as a “super mermaid,” inspires each work of art.
It was also revealed that Starbucks had entered the NFT market with this move, which comes at a time when enthusiasm for the technology is at an all-time high. Recall that Non-fungible tokens, or NFTs, are exclusive digital assets that cannot be copied or replaced. They are frequently employed to symbolize creative art, music, and other media.
How the Program Works
Following the release of Starbucks Odyssey, players who complete specific in-app tasks are given free Polygon-based NFTs by the firm. These tasks include answering trivia questions about the business, placing coffee and food orders, and getting gift cards.
Given Starbucks’ extensive global reach and devoted client base, its foray into the NFT market is worthy of note. Analysts believe this action demonstrates how significant organizations are becoming more interested in Web3 and blockchain technologies.
Starbucks Odyssey’s Siren Collection is just the start of what is anticipated to be an expansion of its product line. It will be interesting to see how Starbucks and other major brands use this technology to interact with their customers and develop new revenue streams as NFT usage continues to rise.
In an official statement, the company Starbucks expressed its excitement to “investigate the possibilities of NFTs and how they may be leveraged to improve our customer experience.”
The company also said in the statement that it was committed to being “a responsible and sustainable steward of the environment” and that it would take measures to guarantee that the manufacturing and distribution of its NFTs were carried out in an ecologically friendly way.”
Starbucks Emergence in the NFT Market
It was also reported that Starbucks’ entry into the NFT market is a significant step that will probably have repercussions across the entire sector. It is said that it has the propensity to change how creative content is created, shared, and consumed.
These characteristics are attributed to the participation of major firms as they launch comprehensive research on the potential of NFTs. Industry experts believe its features may be augmented in days to come. While Starbucks is commended for launching such a creative project, it is still not clear whether its customers would embrace NFTs.
Even when the giveaway program is free, Starbucks’s first NFT, which is also its first, has, at present, accumulated a reasonable number of values on the secondary NFT market. Meanwhile, it has also been reported that dozens of these editions have already been sold for over $1,000 per piece. This also includes a maximum sale of $1,900.
It was also gathered that the giveaway is powered by Nifty Gateway and, as of the time of this report, has handled $222,000 worth of secondary sales. Note that the NFT marketplace was reported to have slowed down in the later months of 2022, alongside other cryptocurrency markets.
But the story is different today; according to recent statistics, the market had over $2 billion in sales in February – it was also said to be the highest it had experienced before the market crashed in May of last year.
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