Starbucks Odyssey Releases ‘The Siren Collection,’ Its First Limited-Edition NFT Drop
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Starbucks Odyssey, the coffee company’s Web3 loyalty program, today released its first limited edition non-fungible tokens (NFT), which it calls “Stamps.” The program, still in invitation-only beta, allows members to complete activities such as quizzes and in-store purchase to earn Stamps, which can be collected or resold on Nifty Gateway.
The 2,000-item “Siren Collection” features a version of the company’s iconic Siren, with the stamps priced at $100. Members of Starbucks Odyssey were able to buy two stamps each starting at 12 p.m. ET, and could pay by credit card or by connecting their MetaMask wallet.
Upon launch, members of the Starbucks Odyssey Discord group complained of problems accessing the site and error messages, with the site seemingly overwhelmed by traffic.
Despite the issues, the collection sold out in 18 minutes and secondary sales quickly soared. As of this update, the floor price for a Siren Stamp has already passed $550.
NFT Stamps that members have unlocked from completing Journeys are already available in the Nifty Gateway secondary market, with the floor price “Holiday Cheer Edition 1 Stamp” hitting $1,398, with $170,636 in trading volume, as of writing.
1/6 Starbucks dropped free NFTs and now they're worth $1500 USD 🧵 pic.twitter.com/i4ARJThGAj
— Guidenzo Fawkes (@guidenzofawkes) February 25, 2023
Starbucks launched its Odyssey program on the Polygon blockchain and aims to make the experience friendly for noncrypto natives, emphasizing the ability to purchase Stamps with only a credit card. Andy Sack, co-founder and co-CEO of Forum3, which partnered with Starbucks on launching the program, told CoinDesk that Odyssey is a "next-generation loyalty platform" aimed at building a brand relationship between customers and Starbucks.
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UPDATE (March 9, 20:42 UTC): Added details of secondary market sales.