The crypto landscape is abuzz with news, debates, and fresh ventures. Yet, there’s a chill in the NFT market. Over the past month, premier collections like BAYC, Azuki, Moonbirds, and Clone X have witnessed a 10–20% dip in their floor prices. Profile Picture (PFP) NFTs are grappling to find a way out of this downturn, and the future, two years post the NFT boom, remains uncertain.
However, beyond PFPs, one collection stands out as a beacon, exemplifying how NFT collections should be curated and managed: Starbucks Odyssey. We touched upon this topic about a year ago when it first made headlines. Now, after its successful run since December 2022, it’s time to delve deeper into its journey.
What is Starbucks Odyssey?
In short, Starbucks Odyssey is an evolved loyalty program, building upon Starbucks’ existing rewards system. But it’s not just about accumulating points with each purchase anymore. Now, customers are guided into the Web3 era of loyalty, engaging in a series of delightful and interactive “Journeys.” Upon completing these journeys, members are rewarded with unique “Journey Stamps” NFTs and Odyssey Points. These not only unlock exclusive benefits but also offer immersive coffee experiences that are distinctive and can’t be found elsewhere.
Achievements and Metrics
Numbers of Collection
From December 2022 till now, Starbucks Odyssey has already issued 12 editions of Journey Stamps. Starbucks reward members collect more than 200k NFTs.
Users
From its 1 billion customer base, only 0.42% of them hold Odyssey NFT, 42k reward members. The potential of the program and market is huge.
Worth
The total market capitalization of the NFTs is worth more than USD 9 million, and the trading volume in the secondary market reached USD 2.7 million.
Earnings
Every holder of Journey Stamps is earning now, with all the stamps’ floor prices above their mint price. The 1st collection, “Holiday Cheer Stamp,” is free to claim upon completing the mission, with a floor price of $744. The 1st purchasable collection, “The Siren Collection Stamp,” was sold at $100 and now holding a floor price of $365. The newest collection, “The Green Apron,” was sold at $100, and the current listing at $121.
Elements of Success
Consistent Engagement
One of the hallmarks of a thriving NFT collection or intellectual property is its ability to keep its community engaged. It’s crucial to provide members with ongoing activities and experiences that captivate their interest. Many traditional PFP NFT collections are witnessing declining excitement and momentum because they fail to offer fresh and stimulating activities or deliver on their roadmap promises. On the other hand, Starbucks consistently rolls out varied missions, activities, and sales, enabling members to gather stamps and claim rewards. Launching 12 collections in just 7 months shows their commitment to keeping their community actively involved and energized.
Narrative Crafting
At the heart of establishing an NFT collection’s identity lies the narrative and ethos it embodies. Ideally, this narrative resonates with users, drawing them towards the brand’s vision and ethos and transforming them into devoted followers. Distinctive holder profiles emerge, mirroring the essence of their chosen collections:
- CryptoPunks attracts OG crypto enthusiasts.
- Clone X appeals to those with a flair for pop culture and fashion.
- BAYC resonates with NFT blue-chip aficionados, while ArtBlocks draws in collectors.
Starbucks Odyssey, unmistakably, is a haven for ardent coffee lovers who cherish the rich legacy of this iconic coffee brand.
The NFT collections within Starbucks Odyssey are deeply meshed with the Starbucks narrative. They encompass elements like the brand’s first physical store, the intricate journey of their coffee beans, the symbolic Siren logo, the signature Green Apron, and collaborations with artists, to name a few. The method of redeeming Stamps, the thematic essence of the Stamp NFTs, and the rewards all echo the Starbucks lore. This provides a genuinely immersive journey for Starbucks enthusiasts, allowing them to delve deeper and forge a more intimate bond with the brand.
Varied Rewards
Before the advent of Starbucks Odyssey, the conventional rewards for accumulating points through coffee purchases were rather ordinary, typically consisting of additional coupons and discounts for future buys. While these savings were appreciated, they were hardly extraordinary. Loyal customers and fans often crave something more significant to acknowledge their fidelity, something more exclusive and distinctive.
Starbucks Odyssey elevates this reward experience by introducing a tiered system. By collecting Journey Stamps and earning Odyssey Points, members can unlock different reward levels, each opening a unique tier of incentives. These aren’t just ordinary perks, like immersive virtual coffee brewing workshops to access, limited-edition merchandise, collaborations with artists, tangible coffee bean roasting experiences, the opportunity to name coffee trees, exclusive trips to coffee farms, and more. And yes, conventional rewards like coupons, discounts, and even a tantalizing 30-day all-you-can-drink Starbucks voucher still exist.
What sets Starbucks Odyssey apart is the breadth of these rewards, catering to a broad spectrum of customer interests. Whether it’s the budget-conscious consumer looking to save, the art and merchandise enthusiast eyeing limited Starbucks coffee mugs, or the true coffee connoisseur seeking immersive experiences, Starbucks Odyssey has something special for everyone. It’s a masterful blend of the ordinary and extraordinary, making loyalty not just rewarding but truly memorable.
Community Building
The adage goes, “Without community, Web3 is just a bunch of code and technology.” This sentiment couldn’t be more accurate. It underscores the indispensable role of community in breathing life into any Web3 initiative. A thriving community not only fosters connections among like-minded individuals but also anchors them to the ecosystem, ensuring their continued engagement beyond just the allure of the brand.
Last November, Starbucks launched its very own digital community on Discord. This platform was envisioned as a melting pot for coffee lovers, Starbucks, and Web3. Within this digital space, members can engage in vibrant discussions across channels dedicated to diverse topics, be it their favorite brews, art inspirations, cherished pet moments, or even showcasing their Starbucks mug collections. Beyond just discussions, Starbucks has democratized the experience by allowing users to have a say in the rewards they’d like to see, all through interactive polls.
Leveraging a social platform like Discord offers Starbucks a dual advantage. On the one hand, it deepens users’ bond with the Starbucks universe, allowing them to share, interact, and resonate with fellow enthusiasts. On the other, it empowers Starbucks with a direct line to its most ardent fans, enabling real-time feedback and insights. This not only enhances the user experience but also fortifies Starbucks’ relationship with its community, making it a two-way street of value and engagement.
Low Entry Barrier
“Web3 is for geeks.” While not entirely accurate, this phrase sheds light on a prevailing perception: diving into the Web3 realm often requires a certain level of technical know-how. At the very least, one needs to grasp the basics, like setting up a digital wallet, connecting it to a Dapp, and navigating the intricacies of cryptocurrency transactions. Though seemingly straightforward, these initial steps can deter many potential enthusiasts from taking the plunge.
Starbucks, however, charted a different course. Instead of drowning users with the complexities of Web3 wallets and cryptocurrency logistics, they smartly integrated the Odyssey program with their existing Starbucks membership system. This meant that users didn’t have to grapple with setting up a new NFT wallet or delve into the world of crypto transactions. Traditional payment methods, like credit cards, can handle all transactions. By offering an experience reminiscent of the familiar Web2 landscape, Starbucks effectively lowered the entry barriers. For the average Starbucks member, it’s the same user journey they’re used to, but now enriched with enhanced rewards and immersive experiences. Starbucks has provided a low-risk gateway for its patrons to dip their toes into the Web3 waters, illustrating the harmonious blend of coffee culture with the cutting-edge world of technological innovation.
So, is Starbucks Odyssey doing good?
Absolutely! The results are nothing short of stellar. Just looking at the metrics, the fact that all NFTs are listed and consistently traded above their floor price is a testament to the program’s success. This not only underscores the active engagement of the community but also highlights the intrinsic value of the Odyssey Points associated with the NFTs. Furthermore, the aesthetic appeal of the NFTs, enriched by collaborations with various artists, adds another layer of value.
The five pillars of success serve as a blueprint for any brand aiming to venture into this space. With Starbucks Odyssey setting a gold standard, other brands have a ready reference to mimic and adapt.
Final Thoughts
Starbucks Odyssey has masterfully showcased how to cultivate a devoted community by capitalizing on brand narratives and heritage. The magic behind such accomplishments isn’t shrouded in mystery or complex algorithms. It’s a testament to how Web3 technologies, especially NFTs, can provide brands with an efficient and impactful avenue to convey their core values and enrich the experiences of their loyal patrons. Given the evident success of Starbucks Odyssey, a presentable score sheet, it’s only a matter of time before more brands venture into this promising realm.
Austin Cheung | NEST®
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