- Starbucks launching “The Starbucks First Store Collection” NFTs on Polygon.
- The collection features elements from Starbucks’ first store, opened in Seattle in 1971.
Starbucks is set to release its second NFT collection on the Polygon network, called “The Starbucks First Store Collection.” This collection features elements from the coffee chain’s first store, which was opened in 1971 in Seattle’s Pike Place Market. The NFTs will be sold on the Nifty Gateway marketplace, with 5,000 “The First Store Collection Stamps” priced at $100 each.
Those who own two or more unique “Journey Stamps,” Starbucks’ previous foray into NFTs, will have early access to the collection. The general sale will start at noon PDT, and there is a limit of one stamp per person for all collectors.
Starbucks’ expanding web3 initiatives
Starbucks has been expanding its web3 initiatives, with plans to give users access to exclusive content experiences and other benefits through NFTs. Starbucks Chief Marketing Officer Brady Brewer said in May 2022 that the company is “creating the digital third place” and that it plans to broaden its framework of what it means for people to be a member of the Starbucks community, adding new concepts such as ownership and community-based membership models that are developing in the web3 space.
In addition to its NFT initiatives, Starbucks has also launched Odyssey, an extension of Starbucks Rewards that seeks to expand brand loyalty in the virtual world, and has partnered with Nifty Gateway and Polygon.
Last month, Starbucks launched its first paid NFT collection, called the “Siren Collection,” which reportedly sold out in under 20 minutes. This collection featured a version of the company’s Siren logo, with stamps priced at $100 each.
The floor prices of Starbucks’ Journey Stamps, which were offered for free as rewards, are trading higher in the range of $70 to $1,000 each, while the current floor price of the Siren stamps is around $495, a nearly 400% gain. Starbucks is one of the latest companies to enter the NFT market, with other retail brands such as Nike also making their foray into the crypto world.