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Starbucks Corp. is dropping its first NFTs called the “The Siren Collection.” This limited-edition premium non-fungible token collectible is set to be released for $100 each.
The NFT collection is debuting under the coffee chain’s Polygon-based Starbucks Odyssey web3 loyalty program. The platform is still in beta, but members will be able to buy up to two NFTs which the company calls “Stamps.”
For this drop, only 2,000 will be able for sale to members of the loyalty program. It should be noted that Starbucks Odyssey is still in invitation-only beta, so not everyone can enjoy the brand’s first digital collection. Members who can access the platform then try various activities, including quizzes and in-store shopping, to earn Stamps that they can collect or put up for sale on Nifty Gateway.
As per CoinDesk, Starbucks’ “Siren Collection” highlights a version of the company’s iconic Siren emblem that can be found everywhere in the store and in drink cups. Those who will avail of the NFT collectible can buy up to two stamps and use credit cards for payments. They can also pay by linking their MetaMask wallet.
The Siren Collection NFTs were released on Thursday, March 9, and so far, its floor price already went beyond $550. Members of the Starbucks Odyssey were able to unlock the NFT Stamps after completing Journeys. Some of the digital tokens are reportedly being resold in the Nifty Gateway secondary market already, with the floor price of one type of Stamp hitting $1,398.
This is Starbucks’ first paid NFT collectible and it is so far doing well in the NFT market. Decrypt reported that each of the stamps comes with 1,500 bonus points, and these can be used by holders to “level up” their account on Starbucks Odyssey to earn more premium rewards in the future.
“As Starbucks has grown over the years, the Siren has been right there with us, adapting and evolving to reflect the brand and the culture,” Starbucks said in a statement. “The 2,000 pieces will collectively be based on five different Siren ‘expressions’ that follow her journey from local Seattle celebrity to revered global icon.”
