The first limited edition non-fungible tokens (NFT), dubbed “Stamps” by the coffee company’s Web3 loyalty program, Starbucks Odyssey, was unveiled yesterday, 9th of March 2023. Members of the program, which is still in invitation-only beta, can earn Stamps by taking quizzes and making in-store purchases. These Stamps can then be collected or sold on Nifty Gateway.
A replica of the organization’s famous Siren can be found in the 2,000-item “Siren Collection,” with stamps costing $100. The sale which started at 12 p.m. ET allowed Starbucks Odyssey users to purchase two stamps each and pay with a credit card or by connecting their MetaMask wallet.
The collection sale was completed in just 18 minutes with subsequent sales starting out immediately despite complains from Starbucks Odyssey Discord group claiming the site was difficult to access and it frequently displayed errors due to heavy usage.
The Nifty Gateway secondary market already has NFT stamps which with the floor price that users have unlocked by completing tasks. The “Holiday Cheer Edition 1 Stamp” has a floor price of $1,752 and $170,636 in trade volume as of this writing on the Nifty Gateway secondary market.
Starbucks and Web3
When Starbucks Odyssey, a new membership program, was introduced in December on Polygon blockchain, the coffee shop officially began its NFT and Web3 push. By adding additional prizes and “immersive coffee experiences that [customers] cannot receive anywhere else” as members complete games, quizzes, and purchases, Odyssey is geared to be an expansion of the current Starbucks rewards program that offers customers perks like free drink upgrades. Higher membership tier benefits may include virtual classes, product access, or a visit to a Starbucks coffee farm. Notably, free coffee isn’t included as a potential prize. Members receive more “points” when they purchase an NFT, which they can utilize to advance in level.
In an interview with CoinDesk, Andy Sack, the CEO and co-founder of Forum3, a web3 company that partnered with Starbucks to launch this program, asserted that the goal of Odyssey is to be the next-generation loyalty program that will strengthen the bond between customers and Starbucks.
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