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With four airdrops, the Starbucks Odyssey NFT program has attracted over $100k in total traded volume in less than three months.
Mid-September 2022, Starbucks Coffee Company announced that it was working with Polygon (MATIC), an Ethereum-based scaling solution, to develop an NFT loyalty program for United States customers. Dubbed Starbucks Odyssey, the company’s NFT tipping program has reportedly grown exponentially, with each piece selling for thousands of dollars.
After launching the beta version in December, Starbucks Odyssey has facilitated 360 sales on Nifty Gateway’s official secondary marketplace, with over $143,000 in total volume traded. With four airdrops and one artist, the Starbucks Odyssey’s ‘Doing Good Journey Stamp’ collection has a floor price of $60 and a traded volume of $1k. The ‘Bean to Cup Journey Stamp NFT collection has a floor price of about $85 and a total volume of approximately $12k.
The other NFT airdrop by Starbucks Odyssey, dubbed ‘Coffee Heritage Journey Stamp, has a floor price of about $275 and a total traded volume of $14k.
However, it is the current floor price on the “Holiday Cheer Edition 1 Stamp” Starbucks Odyssey NFT of over $2,000 that has attracted tremendous attention. As of Friday, the NFT drop alone also makes up approximately 80 per cent of Starbucks Odyssey’s total NFT volume traded on the marketplace, with roughly $115k.
Starbucks Odyssey and Polygon NFT Market Outlook
The Polygon (MATIC) network has emerged as a hub for top Web3 projects, including DeFi protocols like Aave, Uniswap V3, OpenSea NFT marketplace, and Mark Cuban-founded Lazy.com. Starbucks Coffee Company intends to tap on the vast polygon adoption to grow its NFT community.
In a note during the Starbucks Odyssey launch, Sandeep Nailwal, Co-Founder of Polygon, indicated that the Ethereum-based scaling solution is a natural choice for Starbucks as both companies place tremendous importance on diversity, accessibility, and sustainability. As a leading infrastructure provider enabling people and technology to collaborate and exchange value globally and freely, Polygon provided the ideal launchpad for Starbucks’ entry into the Web3 industry.
“Building Starbucks Odyssey using technology that aligns with our sustainability aspirations and commitments is a top priority. We took a very thoughtful and thorough approach when evaluating which blockchain to utilize, and Polygon’s fast, low-cost, and carbon-neutral network is the perfect foundation for our first digital community,” Ryan Butz, VP of loyalty, strategy and marketing for Starbucks, noted.
The Polygon network is home to top NFT projects, including the Trump Digital Trading Cards issued by former United States president Donald Trump. Other top traded NFT projects on the Polygon network include Polygon Ape Yacht Club and Lens Protocol Profiles, with a 24-hour total volume of approximately 18 and 138.91 ETH, respectively.