Unique Starbucks cryptocurrency tokens sold out in just 20 minutes after launch

The most popular coffee shop chain Starbucks sold 2 thousand of its NFTs in just 20 minutes after the launch. The company released a collection of unique non-fungible tokens as part of the Starbucks Odyssey loyalty program. Each NFT was sold for $ 100.

The activity of potential buyers was so high that the product website went down for some time. It is likely that the owners of $ 100 tokens plan to resell them at a much higher price, as was the case with the beta version of free NFTs.

Initially, the tokens were distributed free of charge to participants of the loyalty program — it was enough to simply fulfill the promotional conditions or buy a token for cheap as a gift. However, NFT holders decided to speculate on the promising growth of the crypto asset and act proactively — the price of the cheapest NFT asset of the Starbucks Odyssey program, Holiday Cheer Edition 1, was at least $ 1900.

Starbucks Odyssey is a new NFT-based loyalty program that was launched in December last year and is an extension of the Starbucks Rewards loyalty program using web3 technology. Starbucks Odyssey allows users to receive NFTs that can be spent on exclusive services.

The company emphasized that it is not necessary to have an NFT wallet to store non-fungible tokens — it is only important to download the Starbucks app. Customers of the coffee chain can use the received game rewards and NFTs for online and offline purchases at Starbucks. «We do not want to run a business where our customer base is aging. Our goal is to attract as many young people as possible,» explained Starbucks CEO Howard Schultz.