Starbucks' Odyssey NFT Program: A Game-Changer for Brand Engagement and Customer Loyalty

Mar 20, 2023

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In just a matter of minutes, the latest paid offering from the company was completely sold out and within a few days and generated almost $250,000 USD in secondary volume.

Despite challenging market conditions, Starbucks has been able to expand its presence in the Web3 space. The company's Odyssey program recently launched its first paid digital collectible, which sold out in less than 18 minutes. As of now, the secondary volume for the collectible has exceeded $234,000 USD, as reported on the program's Nifty Gateway page.

The brand's most recent release builds upon the achievement of its initial free-to-claim collectible, which has generated more than $180,000 USD in secondary volume and presently has a floor price of $1,750 USD per token.

The new collection, called "Stamps," was initially offered to Beta members and includes a rendition of the renowned Starbucks Siren. Each stamp was originally priced at $100 USD.

During the sale, members can purchase up to two stamps by using a credit card or by connecting their MetaMask wallet. Due to the popularity of its prior collectibles, the site experienced heavy traffic and encountered a few technical issues, but eventually sold out the 2,000-piece collection in less than 18 minutes.

One of Stabucks Odyssey's primary objectives is to offer an accessible and straightforward experience for individuals unfamiliar with cryptocurrency. Users can buy NFTs using only their credit cards, which aligns with the company's successful loyalty program. Odyssey is built on the Polygon chain, and to achieve its objectives, Starbucks has collaborated with Forum3, a "next-generation loyalty platform" designed to establish a brand connection between Starbucks and its customers. According to co-founder Andy Sack's remarks shared by CoinDesk, this partnership will help the company reach its desired targets.

"In the future, people will interact with loyalty programs not only as 'consumers' or 'customers,' but also as participants, members of a community as well as owners," says Adam Brotman, Forum3's Co-CEO.