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UPD: Starbucks NFTs Are Selling for Thousands

Starbucks reward program Odyssey, powered by Polygon NFTs, is still in closed beta form but some early adopters have begun to make significant profits by flipping the NFT stamps, with some selling for nearly $2,000 each.

Since the launch of Starbucks Odyssey in December, its NFTs topped 360 in sales across Nifty Gateway and $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. It is still in closed beta, but early adopters are already flipping the NFT stamps for $1,700 a piece at the time of writing.

The “Holiday Cheer Edition 1 Stamp” is the one NFT drop responsible for 80% of Starbucks’ total NFT volume traded on the marketplace. Just 5,000 editions of the Holiday Cheer Edition 1 stamp were released. It was apparently given away for free to Starbucks Odyssey members who completed enough challenges to meet the requirement, and also bought a gift card as a holiday gift. It’s Starbucks’ first-ever NFT, so this element may be a part of the appeal. But most of the investors appear to be speculating on the NFT’s possibility for future increased value and are flipping them for a higher price. Starbucks’ three other NFT drops have floor prices that range from $69 to $285, which shows that they are not as popular.

Do people who own Starbucks NFTs get real-world benefits? Access to private events and trips to other countries have been promised, but neither has happened yet. Odyssey users can earn points that they can use to buy NFT stamps by doing things like taking online trivia challenges. Users can also earn points that can be used to unlock NFTs by buying drinks at Starbucks.

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.