Starbucks is getting ready to launch its Odyssey Web3 rewards program with the release of its First Store Collection on April 19.
The collection comprises 5,000 NFT stamp collectibles created on the Ethereum scaling network Polygon. These NFTs are priced at $100 each, the same as the previous 2,000 NFTs.
The upcoming NFTs are described as a mixture of images, in-store designs and well-known symbols that pay homage to the chain’s first store in Pike Place Market in Seattle.
Purchasing an NFT will provide users with 1,500 points for rewards in the Starbucks Odyssey app. In addition, early access to the drop on Wednesday will be granted to users who already own two Starbucks NFT stamps.
In December, Starbucks Odyssey was introduced as a closed beta test, and users were added gradually via a waitlist to experience the Web3 extension of the company’s existing rewards program.
During that period, a company spokesperson said that the program had attracted extraordinary customer interest.
On April 18, Starbucks sent a promotional email to its Odyssey beta testers titled “We’re Getting Closer,” implying that a public release may be approaching.
Starbucks Odyssey will introduce a set of rewards for beta users on April 24, determined by the number of points each user has accumulated.
The coffeehouse chain has revealed a sneak peek at the rewards. The entry-level rewards consist of a virtual coffee-making tutorial or a donation to Feeding America.
Users can earn points by completing in-app objectives, such as engaging with Starbucks content and purchasing drinks. This allows them to access higher-level rewards.
These rewards include the opportunity to name a tree on Starbucks’ Costa Rican coffee farm, a customized MiiR 360 tumbler featuring their NFT artwork or a complimentary daily in-store beverage for 30 days.
The company started giving out free NFT stamps to select users in December, which resulted in a high demand for the company’s first NFT.
The initial stamp, Holiday Cheer Edition 1, has been resold for up to $2,085 through the official Nifty Gateway secondary marketplace, although the current asking price is approximately $1,050.
In March, Starbucks released its first premium NFT stamp collection, the Siren Collection, which sold out in 18 minutes, with all 2,000 NFTs purchased.
Initially priced at $100 each, Siren NFTs now sell for a minimum of $500 each on the secondary market. Starbucks NFTs have generated over $1 million in trading volume to date.
The origin story of Starbucks involves Howard Shultz’s trip to Italy in 1983, where he fell in love with the country’s espresso bars. He saw an opportunity to bring this concept back to America and create a gathering spot between home and work. He believed people would be willing to pay a higher price for this luxury beyond just the coffee.
Now, Starbucks is a giant coffee company with 33,170 locations worldwide. It generated record revenues of $32.2 billion in 2022, cementing its position as a global giant.
The company takes pride in its strong heritage of ethical business practices, which include being one of the world’s largest buyers of fair trade coffee.