Starbucks struggles in NFT market: First store collection fails to sell out The global coffeehouse giant, Starbucks, is set to unveil its latest NFT collection, “The Starbucks First Store Collection,” on the Polygon network. This new collection pays tribute to the company’s inaugural store, established in 1971 at Seattle’s iconic Pike Place Market.
Starbucks emphasizes the historical and sentimental value of its first store in its Nifty Gateway NFT marketplace pitch, stating that the collection offers a unique opportunity to own a piece of Starbucks history.
On Wednesday, 5,000 “The First Store Collection Stamps” will be available for purchase, each priced at $100. Collectors owning two or more distinct “Journey Stamps” from Starbucks’ previous NFT venture will have early access to the First Store collection at 9 a.m. PDT. The general sale begins at noon PDT, with a limit of one stamp per person for all collectors.
Starbucks’ previous forays into the web3 domain
This announcement comes on the heels of Nike’s recent entry into the crypto space with its first “digital-creation collection” on the .Swoosh blockchain platform. Like Nike and many other brands, Starbucks is opting for terms like “collection” or “stamp” over “NFT.”
During an earnings call, Starbucks first revealed its plans to explore the web3 domain in May 2022, announcing an NFT collection launch to grant users exclusive content, experiences, and other perks. Starbucks CMO, Brady Brewer, shared the company’s vision to create a “digital third place” and redefine Starbucks community membership through web3-inspired ownership and community-based models.
In September, Starbucks unveiled Odyssey, an extension of Starbucks Rewards designed to enhance brand loyalty in the virtual realm. In December, Starbucks initiated a beta test of Odyssey, enabling members to engage in interactive journeys, such as games and virtual tours, and earn Odyssey Points redeemable for rewards or collectible and tradable “Journey Stamp” NFTs.
At that time, Starbucks also announced its collaboration with Nifty Gateway and Polygon. Last month, Starbucks debuted its first paid NFT collection, the “Siren Collection,” which sold out in under 20 minutes. Also, the 2,000-item collection showcased a version of Starbucks’ Siren logo, with stamps priced at $100 each.
The current floor price for the Siren stamps is around $495, marking a nearly 400% gain. The floor prices of Starbucks’ Journey Stamps, initially offered as free rewards, now trade between $70 and $1,000 each.
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