Starbucks Odyssey, the coffee chain’s NFT-powered rewards program based on the Ethereum scaling network Polygon, is still in beta, but early users are already trading NFT stamps for roughly $2,000 each.
Since the December beta release of Starbucks Odyssey, its stamp NFTs have witnessed 360 total transactions on Nifty Gateway’s official secondary market, with over $143,000 in volume transacted. This relatively low amount is to be anticipated, given that a restricted number of waiting applicants have been accepted, and the corporation has only distributed four NFT drops in total.
What is remarkable, though, is the high floor price — or price of the least expensive listed asset — of certain Starbucks NFTs. As of this writing, the current floor price for a “Holiday Cheer Edition 1 Stamp” Polygon NFT on Nifty Gateway is just over $2,000. This single NFT drop accounts for 80% of Starbucks’ total NFT volume traded on the market to date.
Only 5,000 copies of the Holiday Cheer Edition 1 stamp were made available. It was given away for free to Starbucks Odyssey members who completed the required number of challenges and purchased a holiday gift card. However, it is being sold for as much as $1,900, with an even higher floor price.
Starbucks’s first-ever NFT was published on December 16, therefore its historical significance may contribute to its attractiveness. Others seem to be gambling that the NFT’s value will grow and are selling them at a premium. Some people purchase multiples of the same NFT because they feel they can profit from reselling them.
Meanwhile, the floor pricing for the other three NFT drops from Starbucks range from $69 to $285, indicating that they are less in demand.
Do Starbucks NFT holders receive any Actual benefits? Access to exclusive events and overseas travel has been promised, but they have yet to be carried out. By completing activities such as online trivia challenges, Odyssey users earn points redeemable for NFT stamps. Moreover, purchasing beverages at Starbucks may earn users points that can be used to unlock NFTs.
Starbucks intends to offer limited-edition premium NFTs in the future. It is still unknown when Starbucks will make the Odyssey platform available to the public.
