Starbucks recently launched its inaugural NFT collection. The collection consists of 2,000 digital “stamps” called “Travel Stamps”, each priced at $100.
Starbucks launched its first limited edition NFTs under its web3 loyalty program, Starbucks Odyssey. Known as Stamps, these NFTs are offered exclusively to invite-only beta program members who can earn them by completing activities like quizzes and in-store purchases.
Stamps can be collected or resold at Nifty Gateway, a popular NFT marketplace.
Starbucks used the term “Travel Stamps” instead of more technical jargon, which may have been more confusing for customers unfamiliar with NFTs. Despite the price of $100 per token, the NFTs were in high demand and sold out in less than 20 minutes.
In December, Starbucks introduced its NFT and web3 initiative in conjunction with the launch of its new membership program called Starbucks Odyssey. This program expands on Starbucks’ existing rewards program and offers benefits to customers such as free drink upgrades. However, Odyssey goes further by promising members unique benefits and immersive coffee experiences they can’t find anywhere else.
Members can earn points by completing games and quizzes and making purchases. These can be redeemed for rewards like virtual classes, merchandise, or even a trip to a Starbucks coffee farm at higher membership levels.
Interestingly, the complimentary coffee is not listed as a possible reward. By purchasing an NFT, members can earn additional points to level up their membership level.
Numerous big brands have jumped on the NFT bandwagon in recent years, including Taco Bell, Nike, Adidas, Paramount, GameStop, various celebrities via a revamped LimeWire, the NBA and CNN, among others. However, Starbucks’ entry into the NFT space is peculiar in that it comes late in the game. However, according to Nifty Gateway, the most enthusiastic cryptocurrency and Starbucks fans bought the NFTs, with 1,164 people owning an NFT from the new Starbucks collection.
The introduction of a new membership program makes one wonder how much your Starbucks “stars” are worth under the updated rewards program the company recently announced. The value of these virtual coffee tokens has decreased over time, a phenomenon that might be called “contraction inflation”. In light of this, Starbucks would be selling a collection of new digital tokens, mainly because people are willing to buy them, especially in tough times for rewards programs.
