Starbucks, one of the world's largest coffee chains, is stepping into the world of non-fungible tokens (NFTs) with its latest release, The First Store Collection. The collection comprises 5,000 NFTs in the form of digital stamps that were launched on the Nifty Gateway platform and minted on the Ethereum scaling network Polygon.
Priced at $100 each, the NFTs are selling out fast, just like Starbucks' previous NFT drop in March that sold out within minutes. The purchase of each NFT also earns buyers 1,500 points towards rewards within the Starbucks Odyssey app, launched in 2022.
The move into NFTs marks Starbucks' entry into web3 technology, recognizing its potential to tap into new user segments and revenue streams. By integrating NFTs and blockchain technology, Starbucks is creating a new way for customers to engage with the brand and its rewards program.
The First Store Collection is a tribute to the company's first-ever store located in Seattle's Pike Place Market. The NFTs feature original artwork that depicts the iconic storefront and pays homage to Starbucks' rich history.
As more and more companies experiment with NFTs, Starbucks' entry into the market is a significant move that showcases the mainstream adoption of this new technology. With Starbucks leading the way, we can expect more brands to follow suit and explore the endless possibilities of NFTs.
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