Translated: Data Interpretation "Starbucks Odyssey Plan": Holders Reluctant to Sell, NFT Series Profitable Across the Board

Original author: S 4 mmy.eth, Crypto KOL

Translation by: Felix, PANews

In September 2022, Starbucks announced its foray into NFTs with the launch of the "Starbucks Odyssey" program, which combines club membership with NFTs through Web3 technology to unlock new experiences. In December 2022, Starbucks introduced the new loyalty program called "Starbucks Odyssey," allowing members to earn and purchase digital collectibles called "Journey Stamps." These stamps can be used to unlock new perks and immersive coffee experiences. For example, members can use their stamps to get discounts on coffee, access exclusive content, and even win trips to Starbucks coffee plantations.

Every user who mints a Starbucks Odyssey digital stamp can earn profits. With only 0.42% of their 100 million customer base holding NFTs, the growth potential is enormous.

Currently:

• Total market value is $9.4 million

• 21.1 thousand NFTs (stamps) have been minted

• 42 thousand owners

• Secondary trading volume is $2.6 million

The floor price for the Holiday Cheer series is currently $745, approximately 0.4 ETH.

The latest series (The Green Apron) is priced at $100, with a premium in the secondary market due to the qualification standards for casting. The minting has ended and the floor price is $115. (Note: Starbucks will launch the classic "Green Apron" NFT series on the Nifty Gateway NFT market on August 2nd. It will be open to eligible Odyssey members at 12:00 am Beijing time on August 2nd and to the public at 3:00 am on August 2nd. This series consists of 5000 NFTs, issued on Polygon, and each NFT is priced at $100.)

The commemorative edition Siren Series has a transaction every few hours, with a price of approximately $300. This series was minted five months ago, but the transaction price is still three times the minting price, performing better than many top NFT projects. (Note: Starbucks launched its first limited edition NFT series "Siren Collection" in March. This series consists of 2000 pieces, with the theme of Starbucks' iconic Sirens, and each NFT is priced at $100.)

Starbucks Odyssey's new loyalty program encourages customers to accumulate points through "journeys" and allows participants to gain early access to the next NFT in the series. This is a smart strategy to engage customers and invest in the brand.

In addition, the threshold design is equally impressive and easily obtainable for users.

1) Join the Odyssey program.

2) Set up your account using email/encrypted wallet.

3) Purchase stamp NFTs with fiat currency or cryptocurrency.

This is similar to the Reddit model design.

Each minter remains in an unrealized profit (unsold) state. The reason is simple, the market believes that the value obtained by holding NFTs is higher than the price at the time of minting, and the collected stamps and redeemed experiences exceed the proceeds from sales.

It is obvious that Starbucks has successfully positioned itself with the core audience resonating with this program, and will continue to launch more series to customers in the future. The points will restart in 2024, so as the date approaches, there may be price adjustments. This model has great potential. If only 1% of the user base adopts digital stamps, it will be 24 times the current transaction activity. A thriving ecosystem intertwined with consumer goods loved by the existing user base, ☕️.