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- Starbucks has unveiled Siren Collection, its first paid NFT collection
- The collection has 2,000 collectibles each retailing for $100
- The collection’s artworks are inspired by a super mermaid and powered by Polygon
Popular coffee chain Starbucks has launched its first paid NFT collection dubbed Siren Collection, three months after unveiling an NFT-based customer loyalty points program known as Odyssey. The limited-edition collection features 2,000 collectibles that are available for $100 each to a section of collectors since the collection is still in beta mode. According to Starbucks, the collection offers NFTs inspired by what it refers to as a super mermaid or an amplified version of the company’s logo.
A Two-tailed Mermaid’s Journey
The new collection will follow the two-tailed mermaid, which Starbucks named “the siren,” from being an unpopular figure to becoming a “global icon.” The coffee chain has limited the NFTs to two per wallet and offers collectors extra points that help them increase their chances of receiving rewards in the future, which may include access to exclusive events and virtual items or content.
Starbucks allows collectors to purchase the NFTs using cryptocurrency via the MetaMask wallet or using a credit card, which enables non-crypto customers to own digital artwork. The interest in the collection was evident with collectors taking 18 minutes to clear the 2,000 NFTs.
From $100 to $400 in Minutes
Shortly after launch, the collectibles were listed on the secondary market with the price increasing 4X from the $100 original mint price to a floor price of close to $400 at the time of writing. The company’s first NFT collection, which it offered to test the Web 3.0 waters, featured free collectibles which its customers received after completing designated in-app tasks.
Despite being free, the NFTs are now changing hands for over $1,000 on the secondary market. Starbucks’ successful launch of a paid NFT collection shows that it’s possible for a traditional company to successfully enter the Web 3.0 space, something that many conventional companies like National Geographic and Porsche are learning the hard way.
Starbucks has announced the launch of its first-ever Paid Non-Fungible Token (NFT) Collection as part of its ongoing experimentation with digital currencies and technology. The collection, which debuted on Tuesday, April 13th, is comprised of a set of five digital artwork NFTs with unique designs inspired by Starbucks’ iconic Siren mascot – the embodiment of the company’s heritage and values.
The five digital art pieces in the collection include four framed wall prints and a series of three GIFs (animated image files). Each digital asset has a unique art design that pays homage to Starbucks’ history, spanning from 1971 when it was founded to the present.
The set of five digital art pieces, which were created by acclaimed artist and animator Lizzy O’Neill, are intended to celebrate Starbucks evolution over the years. With the purchase of the NFT Collection, customers will receive a framed physical print of one of the four wall prints.
Although the physical prints, exclusive to the purchase of the NFT Collection, will not feature the same art design found in the digital asset, it will represent the mood and idea of the original artwork. The limited-edition prints will come in a black frame and will display a customized sticker and certificate of authenticity as proof of ownership.
Starbucks’ decision to launch its first-ever Paid NFT Collection comes as more and more organizations embrace the creative potential of digital and blockchain technology. NFTs, which essentially certify ownership of digital artwork, have become increasingly popular in recent years, powering the digital art market to an estimated $250 million in 2020.
The Starbucks Paid NFT Collection, which is available for purchase now, has been released as an experiment in what digital currency and technology can offer customers. With the success and reception of this collection, the company could potentially experiment further with creating and launching more digital collectibles and art in the future.