Midway through September 2022, Starbucks Coffee Company announced that it was collaborating with Polygon (MATIC), a scaling solution built on Ethereum, to create an NFT loyalty program for users in the United States.
The NFT tipping program at the corporation, which has been given the name Starbucks Odyssey, is said to have grown exponentially, with each unit going for thousands of dollars.
Since the beta version was released in December, Starbucks Odyssey has helped facilitate 360 sales on the authorized secondary marketplace provided by Nifty Gateway, with a total volume of approximately $143,000 being transacted. The 'Doing Good Journey Stamp' collection on the Starbucks Odyssey has a floor price of $60 and a trading volume of $1,000.
This collection features four airdrops and one artist. The Bean to Cup Journey, Stamp National Financing Tournament collection, has a floor price of roughly $85 and a total volume of approximately $12k.
The second non-fungible token (NFT) airdrop conducted by Starbucks Odyssey was named the "Coffee Heritage Journey Stamp." This NFT has a base rate of about $275 and a total trading volume of $14k.
Despite this, the current floor price of the "Holiday Cheer Edition 1 Stamp" Starbucks Odyssey NFT (1), over $2,000, has recently garnered significant attention. As of this past Friday, the NFT drop alone accounts for nearly 80 percent of the total volume of Starbucks Odyssey's NFT tokens traded on the marketplace. This amounts to approximately $115 thousand.
Forecast for the Starbucks Odyssey and the Polygon NFT Market
The Polygon (MATIC) network has evolved as a hub for leading Web3 initiatives like Mark Cuban's Lazy.com, Uniswap V3, and OpenSea NFT marketplace. Other examples of these projects are Aave, a DeFi protocol; Uniswap V3; and OpenSea.
The Starbucks Coffee Company intends to expand its NFT community by capitalizing on the widespread use of polygons.
Sandeep Nailwal, the co-founder of Polygon, stated in a note that was distributed during the launch of the Starbucks Odyssey that the Ethereum-based scaling solution is an obvious choice for Starbucks, given that both Starbucks and Polygon place a significant amount of emphasis on the principles of inclusivity, accessibility, and sustainability.
Polygon was the appropriate launchpad for Starbucks' debut in the Web3 market. Its position as a premier infrastructure provider makes it possible for people to collaborate and freely exchange value worldwide.
The development of Starbucks Odyssey, utilizing cutting-edge technology that aligns with the company's environmental goals and pledges, is a major focus. According to Ryan Butz (2), Vice President of Loyalty, Strategy, and Marketing for Starbucks,
"We took a very rigorous and thorough approach when considering which blockchain to deploy, and Polygon's fast, low-cost, and carbon-neutral network provides the appropriate basis for our first digital community."
The former president of the United States, Donald Trump, has released his own set of digital trading cards under the brand name Trump Digital Trading Cards, which are available on the Polygon network.
Polygon Ape Yacht Club and Lens Protocol Profiles are two more of the most actively traded non-fungible token (NFT) projects on the Polygon network. These two projects have a 24-hour total volume of around 18 and 138.91 ETH, respectively.