With its most recent collection, Starbucks, the largest coffee chain in the world, has managed to make a mark in the non-fungible tokens (NFT) market. The Starbucks NFT Collection was unveiled on March 10th, 2023, and sold out in just 20 minutes for a whopping $200,000. Unfortunately, the collection was only accessible to Starbucks Odyssey members.
However, despite limited availability, the unique NFT collectibles managed to generate more than $117,546 in a secondary sale as well. Currently, only 9.5% of the items in the series are listed for sale. Earlier the customers of the coffee giant had also been allowed to try hands-on four free Polygon-based NFTs by accomplishing specific in-app and trivia challenges. The NFTs were designed with the help of a team of talented artists and designers, who worked to create unique digital collectibles that pay homage to the coffee giant’s iconic logo and branding.
How will this Initiative Benefit the NFT Community?
This initiative is particularly remarkable given the current state of the NFT market. In recent months, the hype around NFTs has died down significantly, and many experts have forecasted that the market is experiencing an era of consolidation. However, the success of the Starbucks NFT Collection indicates that there is still notable demand for unique digital assets.
Fans of Starbucks and NFT collectors were thrilled with the introduction of the Starbucks NFT collection. Many also took to social media to express their happiness and share their new acquisitions. Overall, the Starbucks NFT Collection has been recognized to be a surprising success, showcasing that even in a subdued market, there is still a craving for creative and unique digital assets.