The world of Non-Fungible Tokens (NFTs) has been gaining popularity recently, with some of the biggest names in various industries joining the trend.
Starbucks Launches Paid NFT Collection
At the end of 2022, the general crypto market witnessed a huge slump, losing a significant chunk of its market capitalization. Despite this, NFTs continue to attract attention from investors and enthusiasts alike, and Starbucks is no exception.
As a result, the company launched its paid NFT collection, described as one of a kind for the colossal coffee franchise. The digital stamps were priced at $100 each and sold over 2,000 NFTs in less than 20 minutes.
The Starbucks NFT collection is a part of the Starbucks Odyssey program, an extension of their existing rewards program. Odyssey is set up to deliver an immersive coffee experience that cannot be found elsewhere.
It is designed to engage customers through games and challenges that ensure participation with the brand. The rewards include virtual classes and access to merchandise from the company.
However, one notable exception should have been included in the rewards list – free coffee. While customers can earn additional points on their level-up journey by purchasing Starbucks NFTs, free coffee is not among the rewards.
Big Brands Have Been Backing NFTs
In recent times, NFTs have caught the attention of big brands, and many have joined the trend. The list of big names includes Adidas, Paramount, and GameStop. Celebrities have also jumped on the NFT bandwagon, with notable companies like NBA and CNN having celebrities creating their own NFT collections.
Considering its size and global reach, it is interesting that Starbucks entered the NFT world a bit later than some of its counterparts. However, despite joining the trend later than others, the Starbucks NFT collection has still attracted attention.
According to The Verge, over 1,100 people currently own Starbucks NFTs. The response to the Starbucks NFT launch has been positive, with the unique digital asset class showing daily resilience.
Amazon To Launch NFT Marketplace
In other news, Amazon is reportedly planning to enter the NFT space and utilize its retail expertise to become a major player in the industry. According to Yahoo Finance, the online marketplace will initially test 15 NFT collections in the United States. According to Cryptopotato, the company plans to expand rapidly to other countries once it establishes a foothold in the US market.
The reports of Amazon’s entry into the NFT market first surfaced in January, but this latest development suggests that the launch is imminent. It is rumored that the launch is scheduled for April, less than two months from now.
Amazon’s entry into the NFT market aims to simplify the purchasing process for digital assets, which can be complex and intimidating for many potential buyers. The NFT industry is still relatively new and leaves out many people who may benefit from it due to its complexities.
According to an anonymous source at Amazon, the big retail plans to make it possible for millions of users to buy NFTs without setting up a Metamask account, a commonly used digital wallet for buying and selling NFTs.
Reports suggest that Amazon has already collaborated with several blockchain companies in the gaming industry and plans to partner with more to drive the project forward. The company has also hired more staff with expertise in blockchain technology to support its NFT initiatives.
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