Starbucks Launches First Paid NFT Collection
2 days agoFri Mar 10 2023 12:19:54
Reading Time: 2 minutes
- Starbucks has unveiled Siren Collection, its first paid NFT collection
- The collection has 2,000 collectibles each retailing for $100
- The collection’s artworks are inspired by a super mermaid and powered by Polygon
Popular coffee chain Starbucks has launched its first paid NFT collection dubbed Siren Collection, three months after unveiling an NFT-based customer loyalty points program known as Odyssey. The limited-edition collection features 2,000 collectibles that are available for $100 each to a section of collectors since the collection is still in beta mode. According to Starbucks, the collection offers NFTs inspired by what it refers to as a super mermaid or an amplified version of the company’s logo.
A Two-tailed Mermaid’s Journey
The new collection will follow the two-tailed mermaid, which Starbucks named “the siren,” from being an unpopular figure to becoming a “global icon.” The coffee chain has limited the NFTs to two per wallet and offers collectors extra points that help them increase their chances of receiving rewards in the future, which may include access to exclusive events and virtual items or content.
Starbucks allows collectors to purchase the NFTs using cryptocurrency via the MetaMask wallet or using a credit card, which enables non-crypto customers to own digital artwork. The interest in the collection was evident with collectors taking 18 minutes to clear the 2,000 NFTs.
From $100 to $400 in Minutes
Shortly after launch, the collectibles were listed on the secondary market with the price increasing 4X from the $100 original mint price to a floor price of close to $400 at the time of writing. The company’s first NFT collection, which it offered to test the Web 3.0 waters, featured free collectibles which its customers received after completing designated in-app tasks.
Despite being free, the NFTs are now changing hands for over $1,000 on the secondary market. Starbucks’ successful launch of a paid NFT collection shows that it’s possible for a traditional company to successfully enter the Web 3.0 space, something that many conventional companies like National Geographic and Porsche are learning the hard way.