Starbucks struggles in NFT market: First store collection fails to sell out Starbucks’ most recent NFT collection, the Starbucks First Store Collection, failed to sell out, leaving a bitter taste for the company that first opened its doors in Seattle 52 years ago.
Of the 5,000 NFTs available for purchase at $100 each, only 4,579 were sold, according to data from Nifty Gateway, Starbucks’ NFT marketplace partner. This performance contrasts the company’s previous Siren collection, which reportedly sold out in under 20 minutes.
NFT activity in decline
The reason behind the lackluster sales remains uncertain, but overall, NFT activity has seen a decline in recent months. It is essential also to know that blockchain trading volumes for NFTs have also decreased.
Starbucks has yet to comment on the results. Notably, 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.
The First Store Collection, Starbucks’ second paid collection, was minted on the Polygon blockchain and showcased artwork inspired by the company’s original location, which opened in 1971 at Seattle’s Pike Place Market. Sales for the collection were open from Wednesday to Thursday, with a limit of one NFT per person.
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.
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