Starbucks Sold 2000 NFTs In Just 20 Minutes
The most famous coffee brand, Starbucks launched its first paid collection of NFTs today. It was a group of 2,000 digital stamps each priced at $100. The point worth mentioning here is that the coffee company calls its NFTs “Journey Stamps,” which sounds like a less technical term. However, the fact is that people did buy them. According to the latest reports, Starbucks’ NFTs sold out in under 20 minutes- coffee not included 😉
Starbucks Sold Its First Paid Set Of NFTs In Quite Less Time
Let me tell you that the coffee company launched its NFT and Web3 back in December. It was the time when it opened up a new membership program called Starbucks Odyssey. What is Starbucks Odyssey? It is actually the extension of the existing Starbucks rewards program that provides its customers perks like free drink upgrades. This membership program promises to deliver new benefits and immersive coffee experiences that it claims customers cannot get anywhere else. Its members can even complete games, and quizzes, and make purchases.
Rewards may also include virtual classes, access to merchandise, or a trip to a Starbucks coffee farm at higher membership tiers. The point notable here is that free coffee isn’t a possible reward at all. Purchasing an NFT even gives members additional “points” that can level up their tier.
Dozens of other big brands have been using the NFT towel over the past couple of years. A non-exhaustive list includes:
- Taco Bell
- Nike
- Adidas
- Paramount
- GameStop
- Few celebrities via a revamped LimeWire
- NBA
- CNN
The question arises here is that how Starbucks’ “stars” are worth less now under the updated rewards program that the company announced earlier this year. It could be called shrink-inflation for the original virtual coffee tokens. I think selling off a slew of new digital tokens makes sense when times are tough. What do you think?
