Starbucks Serves Up Its First Premium NFTs at $100 a Pop

After its free NFTs garnered significant value, the Polygon-based Starbucks Odyssey platform is dropping its first paid collectible.

Coffee giant Starbucks is taking significant steps into Web3 with its Starbucks Odyssey rewards program on Ethereum sidechain network Polygon, which is currently open in beta to limited users. And after dropping a few free reward NFTs to early adopters, it’s set to launch its very first paid collectible this afternoon.

Starbucks Odyssey will launch the limited edition Siren Collection today at 3 p.m. ET for beta users of the platform, offering up 2,000 NFTs that will be sold for $100 apiece. Each unique piece of artwork is inspired by the brand’s iconic logo—a “super mermaid,” as the company once described it.

Starbucks Sees ‘Unprecedented Interest’ as Polygon NFT Rewards Platform Launches

Starbucks Odyssey, the coffee chain’s new Web3 rewards platform built on Ethereum sidechain network Polygon, is officially rolling out to the world. And the company says that demand for the platform so far has been “unprecedented.” Starbucks launched the platform on Thursday for an initial group of beta testers chosen from its waitlist. Additional testers will be added to the platform in January 2023 ahead of increasing functionality and access to come early next year. The company did not disclo…

Each user may purchase up to two of the premium NFT stamps, and each comes with 1,500 bonus points that can be used to “level up” a user’s Odyssey account to earn future rewards.

Starbucks launched the Odyssey closed beta in December, with a representative telling Decrypt soon after that the company had seen “unprecedented interest” from users wishing to join what’s been billed as a next-generation evolution of the existing Starbucks Rewards program.

Since then, Starbucks has given away four free Polygon-based NFTs to users for completing certain in-app challenges. The NFTs were rewarded for doing things like completing trivia challenges about the company, or ordering Starbucks food and drinks or gift cards.

Starbucks Polygon NFTs Are Already Selling for Thousands

Starbucks Odyssey, the coffee chain’s NFT-driven rewards program built on Ethereum scaling network Polygon, is still in closed beta—but early adopters are already flipping the NFT stamps for nearly $2,000 apiece. Since the beta launch of Starbucks Odyssey in December, its stamp NFTs have seen 360 total sales on Nifty Gateway’s official secondary marketplace, with over $143,000 in total volume traded. That relatively low number is to be expected, considering only a limited number of users have be…

Despite being a free giveaway, the first Starbucks NFT—the Holiday Cheer Edition 1 stamp—has since commanded considerable value on the secondary market. Dozens of editions have sold for more than $1,000 apiece, with the top sale at $1,900. Overall, the Nifty Gateway-powered marketplace has handled some $222,000 worth of secondary sales.

Starbucks has said that its NFT-based rewards program will ultimately offer users a wide array of potential benefits, including the ability to access exclusive digital content and live events in stores, as well as potential trips—such as a visit to Starbucks’ coffee farm in Costa Rica.

The NFT market took a beating in the latter half of 2022, along with the rest of the crypto space, but appears now to be picking up steam: overall sales surged above $2 billion in February, the highest total since before the market crash last May.