Starbucks Corporation, an American global chain of coffeehouses, has released its newest collection of Non-Fungible Tokens (NFT), which it has dubbed “The Siren Collection.”
According to reports, the collection, which consisted of two thousand artifacts referred to as stamps and offered as part of the Odyssey program, sold out in only around 18 minutes.
Despite the problems that the debut produced, which included people having trouble accessing the website because it was swamped with traffic, this launch nonetheless resulted in a record amount of items being sold.
The massive amount of traffic is proof of the expectation members who enrolled in the Odyssey scheme have for the collection, with everyone attempting to get a piece of the relatively inexpensive NFT. This is because everyone is trying to get a piece of the collection at the lowest possible price.
The Siren Collection, which was priced at $100 apiece, included the company’s illustrious Siren brand, which was also the inspiration for the collection’s name.
Access to the collection could only be gained through invitation, as opposed to being made available to the general public.
A total of two Stamps could be minted for each invitee, which was the maximum allowed in order to ensure that as many individuals as possible could participate in the collection.
As a result of the secondary sales number, the floor price of the collectible that is part of the Siren Collection was set at $550, which did a good job of highlighting the factors that led to the increased foot traffic.
One of the primary reasons NFTs have been on trend as a massive money-saving investment in the cryptocurrency market is that it is not unusual to see such record-breaking price statistics.
NFT Stamps that Starbucks Odyssey members have unlocked through the completion of gamified tasks are trying to trade at a floor price of $1,398, according to data provided by Nifty Gateway (1).
This is despite the fact that the crypto winter has significantly impacted the valuation of the most expensive NFT collections.
Because of their increasing value over time, there is a good probability that the Series Collection’s floor price will likewise increase with time, especially when taking into account the additional incentives that are linked.
Polygon Supports Starbucks’ Foray in Web3
Starbucks is a Web2 company that has been around for a long time and is unique in its field. When the company announced its relationship with Polygon, an Ethereum Layer-2 protocol, in the previous year, it was clear that the company was getting ready to enter the Web 3.0 environment.
Built on Polygon, the Starbucks Odyssey program enables increased functionalities while adhering to energy and sustainability best practices.
Even though it favors blockchain technology, Starbucks has allowed customers to obtain their non-fungible token holdings using only their credit cards.
This action was taken to decrease the entry barriers for most of the company’s customers, the majority of whom have little to no expertise with crypto-related projects. This was done to make most of the company’s customers more profitable.
The objective of the Starbucks Odyssey project is not very ambitious; it is to incorporate the most devoted clients of the company into its operations so that they can receive additional benefits as a result of their continued consumption.
One of the primary trademarks of the utility of Web 3.0, which many people are driving at this time, has been a greater emphasis on connecting with customers and admirers.