Starbucks Brews NFT Craze with Pumpkin Spice Latte Tokens
In a unique twist on the non-fungible token (NFT) craze, Starbucks has entered the digital collectibles arena by offering NFT versions of its beloved pumpkin spice latte. This move comes as Starbucks celebrates the 20th anniversary of its seasonal favorite.
The Starbucks NFT collection features four variations, each representing a real-life iteration of the iconic pumpkin spice latte: Spiced, Whipped, Iced, and Steamed. These digital tokens, priced at $20 each, were made available on Thursday through Starbucks Odyssey, the company's Web3 platform. Notably, these NFTs are open edition, meaning there is no limit to the number that can be sold and minted during the period from October 5 to October 9.
For those enthusiastic Starbucks Odyssey members who collect all four NFT stamps, a special "opportunity" awaits them. Furthermore, the official artwork for these NFT stamps will be unveiled on October 10, adding an element of excitement to the collection.
This isn't Starbucks' first foray into the NFT world. Last December, Starbucks surprised its members by gifting them free NFT stamps, some of which were resold for a substantial $1,900 each on secondary markets. Building on this success, Starbucks launched another NFT collection in March, priced at $100 per token, which promptly sold out.
However, Starbucks' venture into NFTs contrasts with the broader NFT market, which has recently faced scrutiny due to a startling revelation. In a September analysis conducted by dappGambl, utilizing data from NFT Scan and CoinMarketCap, it was revealed that a staggering 95% of the 73,257 NFT collections studied had a market cap of zero when measured in ether. This revelation suggests that roughly 23 million individuals hold NFTs that currently hold no value.
The report accompanying this analysis issued a stark warning to NFT enthusiasts, cautioning against excessive optimism and emphasizing the risks inherent in the NFT space. It noted that despite stories of digital art pieces fetching millions and overnight NFT success stories, the market is fraught with pitfalls and the potential for substantial losses.
While Starbucks' pumpkin spice latte NFTs represent a novel and lighthearted approach to the NFT craze, they also serve as a reminder of the complex and unpredictable nature of the digital asset space. Starbucks' ability to engage its loyal customer base in this innovative manner demonstrates its ongoing commitment to staying at the forefront of consumer trends, even in the world of digital collectibles.