Starbucks releases “The Siren NFT Collection” which sells out in 18 minutes

Starbucks released its first paid collection of NFTs today, selling all 2,000 Siren items in just 18 minutes.

The company dubbed its release “Siren Collection,” with 2,000 NFTs worth $100 (£83) each called “Journey Stamps.”

The collection went live through Starbucks Odyssey, an extension of Starbucks Rewards, powered by Web3 technology. According to the company, the experience offers consumers to complete interactive activities called “Journeys” and collect NFTs as rewards.

“We are leveraging Web3 technology to reward and connect with our members in new ways, such as offering collectible, ownable digital stamps, a new digital community, and opening access to new benefits and immersive coffee experiences – both physically and digitally,” said Brady Brewer, Starbucks executive vice president and chief marketing officer.

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Members of Starbucks Odyssey, which opened up in December, were able to purchase two stamps per person via credit card of a connected MetaMask wallet.

According to Coindesk, some customers complained about problems with the site access, allegedly due to great amounts of incoming traffic.

As the secondary sales soared, the current average price for a stamp sits at $442.55 (£369.48).

The NFTs that members received for completing Journeys are also already available in the Nifty Gateway secondary market, selling at an average of $1,020.51 (£852.02).

Previously, Starbucks has announced that NFTs will help it extend the concept of the “third place,” which is a “place between work and home where people can feel a sense of belonging over coffee.”



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