Starbucks’ First Store Collection NFT Fails to Sell Out
Starbucks, a coffee company that first opened its doors in Seattle 52 years ago, recently launched its Starbucks First Store Collection NFT. The collection, which was minted on the Polygon blockchain, showcased artwork inspired by the company’s original location in Seattle’s Pike Place Market. However, the NFT collection failed to sell out, leaving a bitter taste for the company.
Lackluster Sales Performance
Starbucks offered 5,000 NFTs for sale at $100 each, but only 4,579 were sold, according to data from Nifty Gateway, Starbucks’ NFT marketplace partner. The sales performance of the Starbucks First Store Collection is in stark contrast to the company’s previous Siren collection, which reportedly sold out in under 20 minutes. The reason behind the lackluster sales remains uncertain, but overall, NFT activity has seen a decline in recent months, and blockchain trading volumes for NFTs have also decreased. Starbucks has yet to comment on the results. However, it is worth noting that floor prices for well-known NFT collections have experienced significant drops. For example, the floor price of Bored Ape Yacht Club (BAYC) has fallen below 50 ETH for the first time since November, while floor prices for CryptoPunks and Mutant Ape Yacht Club (MAYC) have also decreased.
Secondary Market Favorability
Despite the inability to sell all 5,000 First Store NFTs, the secondary market seems to favor them, with a current floor price of around $150, according to Nifty Gateway data. The Siren NFTs’ floor price has also risen dramatically to $450, up from their initial price of $100. The floor prices for Starbucks’ Journey Stamps were also offered as free rewards, ranging from $40 to $1,300 each.
The Starbucks First Store Collection NFT’s lackluster sales performance could be attributed to the decline in NFT activity and blockchain trading volumes in recent months. However, the collection’s secondary market favorability could mean that there is still demand for Starbucks’ NFTs. It remains to be seen whether Starbucks will release another NFT collection in the future and how it will perform.