Starbucks‘ Web3 Platform Drops First NFTs: Siren Collection Sells Out in 18 Mins

• Starbucks recently released its first set of limited-edition NFTs, selling out all 2,000 units in 18 minutes.
• Starbucks previously offered free NFTs called Stamps as part of its loyalty program Odyssey, which saw impressive numbers in secondary sales generating over $170,000 in trading volume.
• The coffee giant’s move to the Web3 space could propel the technology into mainstream adoption.

Starbucks Launches First Set of NFTs

Starbucks Odyssey released its first set of limited edition Non-Fungible Tokens (NFTs). All 2,000 tokens were sold out within 18 minutes at a price of $100 each. This marked the coffee giant’s move to the Web3 space and could potentially propel the technology into mainstream adoption.

Free NFT Collection Sees Impressive Results

Prior to this launch, Starbucks had been offering free NFTs called Stamps as part of their loyalty program Odyssey. These tokens were rewarded for completing activities such as quizzes and in-store purchases. Upon completion, users could collect and sell their NFTs on Nifty Gateway – resulting in an impressive $170,000 worth of trading volume from secondary sales.

Siren Collection Details

The limited edition collection featured 2,000 tokens featuring iconic Siren imagery – available only to authorized members who could buy a maximum of two stamps via their credit cards or MetaMask wallets. Unfortunately, the official mint site was overwhelmed with traffic upon launch and caused it to slow down considerably. Despite this setback however, all 2000 units managed to be sold out within 18 minutes – with floor prices skyrocketing up to $445 per token on Nifty Gateway shortly after launch.

Web3 Could Reach Mainstream Adoption

With more than 31,000 stores spanning across the globe serving over 60 million people weekly; Starbucks‘ numbers alone are enough for Web3 technologies to reach mainstream adoption through its loyal customer base alone should they continue producing successful initiatives like these collections of NFTs.

Competitors Already Ahead Of The Curve

Competitors such as Adidas, Gamestop and Taco Bell have already beaten them in terms of releasing their own lineups for Web3 technologies and initiatives but Starbucks has made it clear that they’re not far behind when it comes catching up on trends within the crypto sphere either by launching their own versions or simply joining forces with companies like Blockstream that specialize in digital assets exchange solutions