Starbucks sells out 2k NFTs in under 20 minutes

Starbucks recently released its inaugural collection of NFTs. The collection consists of 2,000 digital “stamps” named “Journey 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 members of the invitation-only beta program who can earn them by completing activities like quizzes and in-store purchases.

The Stamps can be collected or resold on Nifty Gateway, a popular NFT marketplace.

The term “Journey Stamps” was used by Starbucks instead of more technical jargon, which may have been more confusing to customers unfamiliar with NFTs. Despite the price tag of $100 per token, the NFTs were in high demand and sold out in under 20 minutes.

Back in December, Starbucks introduced its NFT and web3 initiative alongside the launch of its new membership program called Starbucks Odyssey. This program extends Starbucks’ existing rewards program, offering customers perks like free drink upgrades. However, Odyssey takes it further by promising to provide members with 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 tiers.

Interestingly, complimentary coffee is not listed as a possible reward. By purchasing an NFT, members can earn additional points to level up their membership tier.

Numerous big brands have jumped on the NFT bandwagon over the past couple of years, including Taco Bell, Nike, Adidas, Paramount, GameStop, several celebrities via a revamped LimeWire, the NBA, and CNN, among others. However, Starbucks’ entry into the NFT space is peculiar as it comes late in the game. Nevertheless, according to Nifty Gateway, the most enthusiastic Starbucks and crypto fans purchased the NFTs, with 1,164 people owning an NFT from the new Starbucks collection.

Introducing a new membership program makes one wonder how much their Starbucks “stars” are worth under the updated rewards program that the company recently announced. The value of these virtual coffee tokens has decreased over time, a phenomenon that could be called “shrink-inflation.” In light of this, Starbucks would sell a collection of new digital tokens, mainly because people are willing to purchase them, especially in tough times for rewards programs.