Starbucks Launches Its NFT “The Siren Collection”, Sold Out in Minutes

UTC by Benjamin Godfrey · 3 min read
Starbucks Launches Its NFT “The Siren Collection”, Sold Out in Minutes
Photo: Depositphotos

Just like the name, the Siren Collection featured the firm’s iconic brand Siren and they were priced at $100 each.

American multinational chain of coffeehouses, Starbucks Corporation (NASDAQ: SBUX) has launched its latest Non-Fungible Token (NFT) collection dubbed “The Siren Collection.” The collection made up of 2000 collectibles dubbed stamps was floated under the Odyssey program and reportedly sold out in just about 18 minutes.

This record selloff was despite the hitches that the launch caused as users experienced some forms of difficulty accessing the website which was overwhelmed with traffic. The massive traffic is evidence of the anticipation that the members who subscribed to the Odyssey program have for the collection with everyone trying to get a piece of the relatively cheap NFT.

Just like the name, the Siren Collection featured the firm’s iconic brand Siren and they were priced at $100 each. The collection was not opened to the public rather, it was based on invite-only access. Each invitee was entitled to mint a total of 2 Stamps, a limit imposed to make sure that more people have access to the collection.

The reasons for the traffic were well showcased as the floor price of the collectible in the Siren Collection was pegged at $550 per its secondary sales figure. It is not uncommon to find such record-breaking price figures for NFTs, one major reason why they have been trending as a mega money-saving investment in crypto.

Although the crypto winter has largely impacted the valuation of the most priced NFT collections, the NFT Stamps that Starbucks Odyssey members have unlocked through gamified tasks are trading at a floor price of $1,398 per data from Nifty Gateway. By virtue of their rising valuation over time, chances are that the Series Collection will also grow in its floor price over time considering the extra incentives attached.

Starbucks Foray into NFT Bolstered by Polygon

Starbucks is a legacy Web2 company that stands out in its own niche. The company revealed it was making its foray into the Web3.0 ecosystem last year when it announced its partnership with Polygon, an Ethereum Layer-2 protocol.

The Starbucks Odyssey program was built on Polygon, enabling higher functionalities in adherence to energy and sustainability practices. Despite its leaning toward the blockchain, Starbucks has introduced a way for users to acquire their NFT assets using just their credit cards.

This move was done to lower the barriers to entry for most of the company’s customers, most of whom do not have much experience with crypto-related initiatives. The goal of the Starbucks Odyssey program is not far-fetched, and it entails bringing the company’s most loyal customers into its fold to access more incentives for their patronage.

Connecting more with customers and fans has been one of the key hallmarks of Web3.0 utility which many are driving at this time.

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Benjamin Godfrey

Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture.

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