Starbucks Odyssey Polygon NFTs are selling for $2k
Each NFT of Starbucks’ new NFT-driven rewards program, Starbucks Odyssey, is selling for almost $2,000. Even though the project is still in the closed beta phase, the total traded volume in the past three months has grown to over $143k.
Total traded volume records over $143k
Starbucks Coffee Company, last September, started a strategic partnership with Polygon to develop the Starbucks Odyssey—the project aimed to develop an NFT loyalty program for US-based consumers.
Since the beta version launched in December, 360 sales on the Nifty Gateway secondary marketplace totaling over $143k in sales total volume. The sales seem low, but there were limited users on the waitlist, and the company has made only four NFT drops.
The first airdrop was for the ‘Doing Good Journey Stamp’ collection with a floor price of $60 and $1k in trading volume. Then there was the ‘Bean to Cup Journey Stamp’ NFT collection with an $ 85-floor price and a trading volume of $12k. Another airdrop was the ‘Coffee Heritage Journey Stamp’ with a $ 275-floor price and a $14k traded volume.
The most current is the ‘Holiday Cheer Edition 1 Stamp’, which has almost $2k in floor price with 5000 editions released. At the time of writing, this NFT drop made 80% of the total sales from the Starbucks Odyssey NFT volume over $115k.
Notably, Odyssey users can earn points through tasks like online trivia and then redeem them for NFT stamps. They can also earn extra points from buying Starbucks drinks. In the long run, the company is working to include features such as international trips and private events.
Polygon x Starbucks
The Polygon network has been a hub for top Web3 projects such as OpenSea, Aave, and Uniswap V3, among others. Starbucks Coffee Company plans to benefit from the vast Polygon adoption to grow its NFT user base.
Ryan Butz, VP of loyalty, strategy, and marketing for Starbucks, noted that building the Starbucks Odyssey with technology aligning with their aspirations on sustainability is a priority. He added that they took a thoughtful and thorough approach to evaluate the blockchain of choice. Hence, they settled on Polygon, which is low-cost, fast, and carbon-neutral.
During the project launch, Sandeep Nailwal, Polygon co-founder, mentioned that the Ethereum-based scaling solution was a natural choice for the platform as they both support accessibility, sustainability, and accessibility. Polygon, having global accessibility and technology, was the ideal launchpad to usher Starbucks into the Web3 era.