Starbucks is making waves in the world of NFTs yet again with their latest drop, the First Store Collection. This collection features 5,000 NFTs modeled after the original Starbucks storefront that opened in 1971 in Seattle. Each NFT is priced at $100 and will be sold on Gemini-owned Nifty Gateway.
This marks the seventh NFT drop for Starbucks, and the company is looking to further integrate their NFT drops with their existing rewards program through Starbucks Odyssey. This Web3 rewards platform is still unreleased, but beta users recently received an email stating that it is getting closer to launch. The goal is to allow users to earn points through ordering at Starbucks, which they can then redeem towards exclusive digital collectibles.
Starbucks’ interest in NFTs first began in December 2022, when they released a free Holiday Cheer Edition 1 NFT featuring their iconic red and white Christmas coffee cup. Today, the highest active offer for one of those NFTs is $901. In March 2023, the company dropped their first premium NFT, the Siren Collection, which features unique renderings of the siren from Greek mythology. As of now, one of these NFTs is valued at an average of $690.
As NFTs continue to gain mainstream attention, it’s exciting to see how companies like Starbucks will continue to leverage the technology and integrate it with their existing business models. With their strong brand recognition and loyal customer base, Starbucks is well-positioned to capitalize on the growing interest in NFTs and Web3 technology.