Starbucks Odyssey Releases ‘The Siren Collection,’ Its First Limited-Edition NFT Drop
Members of Starbucks Odyssey, the rewards program currently in beta, were able to purchase up to two “Stamps” from an edition of 2,000 featuring the brand’s iconic siren, but the launch was not without issues.
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.
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.
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.
Interested in keeping up with Web3 news and trends? Subscribe to The Airdrop here.
UPDATE (March 9, 20:42 UTC): Added details of secondary market sales.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.
Learn more about Consensus 2023, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.