In Starbucks Odyssey plan, each NFT series has performed well in the market, and the creators are in a state of unrealized profit.

Author: S4mmy.eth / Source: https://twitter.com/S4mmyEth/status/1686684597587734529

Compiled by: Felix, PANews

In September 2022, Starbucks announced its foray into NFTs, launching the "Starbucks Odyssey" plan, which combines club members with NFTs through Web3 technology to unlock new scenarios. In December 2022, Starbucks launched the new loyalty program "Starbucks Odyssey," allowing members to earn and purchase digital collectibles called "Journey Stamps." These stamps can be used to unlock new benefits and immersive coffee experiences. For example, members can use their stamps to get discounts on coffee, access exclusive content, and even win trips to Starbucks coffee plantations.

Every user who mints a Starbucks Odyssey digital stamp can make a profit. With only 0.42% of its 100 million customer base holding NFTs, there is huge growth potential.

Currently:

• Total on-chain market value is $9.4 million

• 211,000 NFTs (stamps) have been minted

• 42,000 holders

• Secondary trading volume reached $2.6 million

  The floor price of the Holiday Cheer series is currently $745, approximately 0.4 ETH.

  

  The latest series (The Green Apron) has an issuance price of $100, and due to the qualification standards for minting, these NFTs carry a premium in the secondary market. Minting has ended, and the floor price is $115. (Note: Starbucks launched the classic "Green Apron" NFT series on the Nifty Gateway NFT market on August 2nd. It was open to eligible Odyssey members at 12:00 a.m. Beijing time on August 2nd and to the public at 3:00 a.m. on August 2nd. This series consists of 5,000 NFTs, issued on Polygon, with each NFT priced at $100.)

  The commemorative Siren series has a transaction every few hours, with a price of around $300. This series was minted five months ago, but the transaction price is still three times the minting price, performing better than many leading NFT projects. (Note: Starbucks launched the first limited edition NFT series "Siren Collection" in March. This series consists of 2,000 pieces, themed around Starbucks' iconic siren, with each NFT priced at $100.)

  

  Starbucks Odyssey's new loyalty program encourages participation in "journeys" to accumulate points. Participants can get the next NFT in the series in advance. This is a very clever strategy to encourage customers to invest in the brand.

  

  In addition, the threshold design is also outstanding, making it easy for users to obtain.

  1) Register to join the Odyssey program.

  2) Set up an account using email/cryptocurrency wallet.

  3) Purchase stamp NFTs with fiat currency or cryptocurrency.

  This is similar to the Reddit model design.

  

  Every creator is in a state of unrealized profit (i.e., unsold). The reason is simple: the market believes that the value obtained from holding NFTs is higher than the price at the time of minting, and the collected stamps and redeemed experiences outweigh the proceeds from selling.

  

  It is obvious that Starbucks has successfully targeted the core audience resonating with this plan, and will continue to launch more series to customers in the future. Points will reset in 2024, so as the date approaches, price adjustments may be seen. This model has great potential. If only 1% of the user base adopts digital stamps, it will be 24 times the current trading activity. A thriving ecosystem intertwined with consumer goods beloved by the existing user base, ☕️.

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