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 been allowed in from the waitlist, and the company has only released four NFT drops in total.
But what is surprising is the high floor price—or price of the cheapest-listed asset—of some of Starbucks’ NFTs. On Nifty Gateway, the current floor price on a “Holiday Cheer Edition 1 Stamp” Polygon NFT is just over $2,000 as of this writing. This one NFT drop alone also makes up 80% of all of Starbucks’ total NFT volume traded on the marketplace thus far.
Just 5,000 editions of the Holiday Cheer Edition 1 stamp were released. It was apparently given away free to Starbucks Odyssey members who completed enough challenges to meet the requirement, and also bought a gift card as a holiday gift. But now, people are selling it for as much as $1,900, with an even higher floor price as of now.
It’s Starbucks’ first-ever NFT, released on December 16, so that historical element may be a part of the appeal. Others appear to be speculating on the NFT’s possibility for future increased value and are flipping them for a higher price. Some users are buying multiples of the same NFT, presumably because they believe they can make a profit by flipping them.
2/ You earn points for doing stuff, and you can use those points for getting benefits later pic.twitter.com/94mgTYRif7
— Composability Kyle (@KyleSamani) January 25, 2023
Starbucks’ three other NFT drops are apparently less in demand and thus have lower floor prices, ranging from $69 to $285 at present.
Do Starbucks NFT holders get any IRL benefits? It’s been promised, including things like access to private events and international trips, however none have been actualized yet. Odyssey users can earn points by completing tasks such as online trivia challenges and redeem them for NFT stamps. Buying drinks at Starbucks can also grant users points that can lead to unlocking NFTs.
In the future, Starbucks also plans to sell limited-edition premium NFTs. It's still unclear when Starbucks plans to open up the Odyssey platform to the public. Starbucks has not yet responded to Decrypt’s request for comment.