The entry of Starbucks into the NFT realm generated a considerable amount of attention. The coffee company’s initial NFT release sold out within minutes, prompting them to pursue further offerings.
On April 19, Starbucks launched its First Store Collection, a series of 5,000 NFT “stamp” collectibles created on the Polygon blockchain. Each NFT is priced at $100, the same cost as the earlier release, which was limited to only 2,000 NFTs. However, the sales figures reveal that the NFT collection failed to gain traction.
Starbucks NFTs fail to sell-off
The latest NFT collection from Starbucks, which was inspired by its original Seattle coffeehouse opened 52 years ago, did not sell out. Out of the 5,000 NFTs, priced at $100 each, only 4,579 were sold, according to data from Starbucks’ NFT partner, Nifty Gateway. The sales figures are different from the Siren collection, which paid tribute to the company’s logo and sold out within 20 minutes.
However, at press time, the NFTs had sold out and the purchase had been closed. It is uncertain what specific factors contributed to the underwhelming sales of the Starbucks First Store Collection NFTs. However, there has been an overall decrease in NFT activity in recent months.
To cash in on the recent surge in NFT sales, Donald Trump also released a second NFT collection. This is in the hope of repeating the earlier success of Trump’s first NFT collection. The second series features a total of 47,000 NFTs in the hope that he will earn his title as the 47th president of the United States.