Starbucks Odyssey NFTs Sell Out in Just 18 Minutes
The NFTs already have a secondary market volume of over $120,000.
Starbucks Odyssey, the chain's Web3 loyalty program, released its first collection of 2,000 limited-edition NFTs called "Stamps" on Thursday. While still in beta, the Odyssey program is invitation-only and prompts members to complete activities, quizzes, and in-store purchases in order to earn Stamps.
The "Siren Collection" of NFTs opened at 12 EST on Thursday and members were allowed to purchase two Stamps — all priced at $100. Upon its launch, the site experienced errors as it was overwhelmed by the traffic and the 2000-Stamp collection sold out in just 18 minutes, Coindesk reported.
Related: Should Your Business Launch an NFT? Here Are 4 Things You Need to Know.
1/6 Starbucks dropped free NFTs and now they're worth $1500 USD ? pic.twitter.com/i4ARJThGAj— Guidenzo Fawkes (@guidenzofawkes) February 25, 2023
The limited-edition Stamps have already been listed on the Nifty Gateway secondary market, with one selling for over $1,500. As of Friday morning, the average sale price is $442. According to the Nifty Gateway platform, the Stamps currently have a total secondary market volume of $121,795.
Starbucks launched its Odyssey program partnering with Forum3 with the intention to create an experience catered to non-crypto users, emphasizing that Stamps could only be purchased with a credit card. Andy Sack, co-founder and co-CEO of Forum3, told Coindesk that Odyssey is a "next-generation loyalty platform," and intends to build relationships between Starbucks customers and the brand.
Related: Starbucks Is Making Big Changes to Its Rewards Program Starting With 'Free' Drinks