Starbucks’ Ethereum sidechain network, Polygon-based Starbucks Odyssey rewards program, is taking a step forward into the world of Web3 by launching its Siren Collection, a premium NFT collection that includes 2,000 unique pieces of artwork inspired by the brand’s iconic logo.
Starbucks is one of the world’s largest coffee chains and has been steadily growing since its inception. The company has launched its own NFT-based rewards program, Starbucks Odyssey, on Ethereum sidechain network Polygon, which is currently in beta testing with limited users. After providing some free reward NFTs to early adopters, the company is set to launch its first paid collectible.
The Siren Collection, which will be available to beta users of the platform, consists of 2,000 NFTs that will be sold for $100 apiece. Each unique artwork is based on the brand’s iconic logo, which the company once described as a “super mermaid.” The NFTs are inspired by the Siren’s “journey from local Seattle celebrity to revered global icon,” with each of the 2,000 pieces being based on five different Siren “expressions.”
Users can purchase up to two of the premium NFT stamps, each of which comes with 1,500 bonus points that can be used to “level up” a user’s Odyssey account to earn future rewards.
Starbucks’ NFT Rewards Program
Starbucks launched the Odyssey closed beta in December, and the company has reported “unprecedented interest” from users wishing to join the next-generation evolution of the existing Starbucks Rewards program. Starbucks has said that its NFT-based rewards program will offer users a wide range of potential benefits, including exclusive digital content and live events in stores, as well as potential trips to Starbucks’ coffee farm in Costa Rica.
Starbucks has also provided free Polygon-based NFTs to users who complete certain in-app challenges. Users could earn NFTs by completing trivia challenges about the company, ordering Starbucks food and drinks or gift cards, and more.
Although the Starbucks NFTs were given away for free, the first Starbucks NFT, the Holiday Cheer Edition 1 stamp, has since commanded a considerable value on the secondary market. The Nifty Gateway-powered marketplace has handled over $222,000 worth of secondary sales, with dozens of editions selling for more than $1,000 apiece, and the highest sale price at $1,900.
Starbucks Siren Collection
Each Siren Collection NFT will be sold for $100 apiece, with each user allowed to purchase up to two. The NFTs are based on five different Siren “expressions,” and each comes with 1,500 bonus points. The points can be used to level up a user’s Odyssey account, allowing them to earn more rewards in the future.
The Siren Collection is a limited edition, with only 2,000 NFTs available. Starbucks has stated that the Siren has grown with the company over the years, evolving and adapting to reflect the brand and the culture. The Siren Collection is based on the Siren’s “journey from local Seattle celebrity to revered global icon,” and each unique piece of artwork reflects a different aspect of her journey.
The NFT market faced significant downturns in the latter half of 2022, alongside the rest of the crypto space. However, the NFT market appears to be picking up steam, with overall sales surpassing $2 billion in February, the highest total since before the market crash in May 2022.
With the potential for exclusive access to digital content and live events, as well as potential trips to Starbucks’ coffee farm in Costa Rica, the Starbucks Odyssey program provides a unique and exciting opportunity for its users. By leveraging the power of NFTs, Starbucks is creating a new and innovative way for customers to engage with the brand, and it will be interesting to see how this initiative develops in the future.
In conclusion, Starbucks is taking a significant step into the world of Web3 with its Starbucks Odyssey rewards program, which is set to launch its first premium NFTs. This move shows that the coffee giant is not only keeping up with the latest technological trends but also actively embracing them. While it remains to be seen how successful the Starbucks Odyssey program will be in the long term, it’s clear that the company is willing to take bold steps to innovate and stay ahead of the curve.