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After selling out its first premium $NFT drop in a matter of minutes last month, coffee chain giant Starbucks is set to launch another collection this week—and suggests that a public launch for its Odyssey Web3 rewards program may be nearing.
On Wednesday, April 19, Starbucks will launch its First Store Collection, a set spanning 5,000 $NFT “stamp” collectibles minted on Ethereum scaling network Polygon. The NFTs are priced at $100 apiece, similar to the previous drop that offered just 2,000 NFTs.
Each of the new NFTs is described as a “multimedia collage of photos, in-store textures, and prominent icons” inspired by the chain’s first store in Pike Place Market in Seattle. Buying an $NFT also earns users 1,500 points towards rewards within the Starbucks Odyssey app. Users who already own two Starbucks $NFT stamps will have early access to the drop on Wednesday.
Starbucks Odyssey debuted in a closed beta test in December, with users gradually added via a waitlist to try out the Web3 expansion of the brand’s existing rewards initiative. A company representative said at the time that the program had seen “unprecedented interest” from customers.
Starbucks sent a marketing email to Odyssey beta testers today with the subject line, "We're Getting Closer," suggesting that a public rollout may be imminent.Decrypt reached out to a company representative for further details, but did not immediately hear back.
Following Wednesday’s $NFT drop, Starbucks Odyssey will roll out a series of benefits for beta users on April 24, providing perks based on how many points each user has earned.
Starbucks provided a first look at the rewards today. The base-level rewards include a virtual coffee preparation class or a donation to Feeding America to provide meals for people in need.
Higher-level options include the ability to name a tree at Starbucks’ Costa Rican coffee farm, a personalized MiiR 360 tumbler with owned $NFT artwork on it, or a select free in-store drink every day for 30 days. Users earn points by completing in-app objectives, like interacting with Starbucks content and buying drinks from its stores.
Starbucks began launching free $NFT stamps for early users in December, and demand for the company’s very first $NFT started to surge. The initial Holiday Cheer Edition 1 stamp has been resold for as much as $2,085 through the official Nifty Gateway secondary marketplace, although the current low asking price is only about $1,050.
March’s launch of the first Starbucks premium stamp, the Siren Collection, produced a rapid sell-out as all 2,000 NFTs were snatched up within 18 minutes, the company said. Originally sold for $100 apiece, the Siren NFTs now start at $500 apiece on the secondary market. Overall, Starbucks NFTs have generated more than $1 million in trading volume to date.