- The collection includes 2,000 tokens featuring the iconic mermaid
- The cost of one NFT was $100
- On the secondary market, the minimum price has already exceeded $550 and continues to grow
Yesterday, March 9, the release of the NFT collection “The Siren Collection” took place. The project is organized as part of the Starbucks Odyssey loyalty program. The collection includes 2,000 tokens depicting the brand’s iconic mermaid.
Recall that the first rumors about the release of thematic NFTs from a well-known chain of coffee houses appeared in December last year. At that time, the novelty was available only to residents of the United States, and in testing mode.
“The Siren Collection” is available to members of the loyalty program and those users who have received an invitation from them. Every member of the Starbucks Odyssey Club could redeem only two NFTs at $100 each.
For payment, it was proposed to use fiat or cryptocurrency, but in this case, MetaMask was needed. The entire collection sold out in less than 20 minutes. Due to the high level of demand, there were even outages on the Starbucks Odyssey website.
Now these tokens can be purchased on the “secondary”, for example, on the Nifty Gateway marketplace. However, the collection proved so popular that the threshold price per token rose from $100 to $550.
At the same time, the “traveler’s brand” (namely, that’s what they called NFT at Starbucks) of the first issue already costs about $1300-1700. The total trading volume at the time of this writing exceeded $170,000.
Why was the project so successful? There are two main reasons for such a high demand – brand awareness and thorough preparation.
The development of thematic NFTs has been known for several months. The organizers set a small price per minute and ensured access to the “secondary market”. Thanks to this, the collection has commercial potential.
Well, if we talk about Starbucks fans, for them the “traveler brand” is a symbol of belonging to the brand. And the price of $100 makes it quite affordable.
