- The adoption of NFTs by a coffee giant like Starbucks could bring a revolution to the whole coffee industry.
- Starbucks’ NFTs have witnessed increasing demand ever since their launch.
NFTs gained traction in 2021 during the bullish run of the market. During that period, there were a lot of massive brands, like Gucci, that embraced Web 3. However, as 2022 approached, the value of NFTs went down by nearly 83%, thanks to a bearish run in the market.
It is worth noting that Starbucks entered the NFT scene late last year with its ‘Starbucks Odyssey.’ It is an extension of its reward program, which rewards customers for buying coffee. It is estimated that these Starbucks NFTs have massive potential and will tend to go up in price.
Current Scenario of Starbucks’ NFTs
Starbucks launched its first-ever collection of NFTs in March 2023, which consisted of 2000 pieces. The collection was sold out within minutes at a rate of $100 per NFT. The official website of Starbucks crashed during the sale due to a traffic storm in the form of buyers. Starbucks calls its NFTs “Stamps”, and claims that these stamps have become famous among the company’s lovers.
As per S4mmy.eth, Starbucks’ NFTs are quite successful and lucrative. However, out of the 100 million customers, only 0.42% of Starbucks customers hold its NFTs, but the potential of its NFTs is massive.
As of August 2, 2023, the total value of Starbucks NFTs stood at $9.4 Million, with 211,000 NFTs already minted and 42,000 holders. The Holiday Cheer Collection of Starbucks’ NFTs has a floor price of $745.
The latest collection of Starbucks’ NFTs, ‘The Green Apron Collection,’ was recently launched at $100. Additionally, the Siren collection is sold within a few hours for $300; this collection was minted five months ago but still continues to trade at three times its launch price.
How Does Starbucks Envision The Future of Its NFTs?
With its entry into the NFT world, Starbucks made a statement that it is here to stay and wants to take its NFT game forward. The goal behind its NFT collection is that the company wants to create unique and engaging experiences for its customers while exploring new ways to generate revenue from this technology.
The most plausible way of generating revenue by leveraging NFTs in the coffee industry is by creating limited-edition merchandise, drinks, and drinkware. Starbucks can create limited edition NFTs for its drinks or merchandise and allow them to be traded on the blockchain. This way, the company can create new revenue streams as well as generate and maintain the hype around its NFTs among customers.
These NFTs are Likely to Make it Big
Since the NFT market considers the holding value to be greater than the mint price, people minting these NFTs are in an unrealized profit and loss position. These NFTs have complete utility because the customers of Starbucks reverberate with its reward program.
The major reason for the success of Starbucks’ NFT is the convenience that it offers. Some NFTs are complex to understand, but Starbucks has kept its NFT system simple and easy to understand. Moreover, its customers already understand how the whole ecosystem works.
Another reason that may result in the growth of Starbucks’ NFT is its reward program. This reward program includes rewards like limited-edition merchandise, connecting with other customers, and access to different experiences.