The Defiant

Starbucks' New NFT Collection Holds Up Amid Depressed Market

Floor price is 20% higher than mint price for 3,357 NFTs.

By: Tarang Khaitan Loading...

Starbucks' New NFT Collection Holds Up Amid Depressed Market

Starbucks, the world's largest coffeehouse chain, has launched an NFT collection and initial buyers are holding on to their collectibles.

Almost 2,100 users purchased 3,357 pieces of Starbucks’ the Green Apron collection. Only 213 NFTs are listed for sale at the time of writing, indicating buyers want to hold on to their minted NFTs.

The floor price, or the lowest listed price for a token in the secondary market, stood at $120 at the time of writing, almost 20% higher than the $100 mint price. Still, the highest offer for the NFT collection was $108, according to Nifty Gateway.

The collection, which is inspired by Starbucks' aprons worn by its baristas, had 5,000 pieces for sale on the Nifty Gateway NFT marketplace on the Polygon network.

Each NFT comes with 1,500 points used to level up Starbucks' loyalty-based Odyssey pass.

Down-trending Market

Starbucks' NFT collection is showing resilience despite the ongoing NFT market downturn. The floor price of many blue-chip and popular NFTs have crashed this year.

In the past 90 days, Border Ape Yacht Club, Mutant Ape Yacht Club, Meebits, Doodles, and more have dropped by more than 40%, according to data from NFT Price Floor.

NFT trading volumes are dwindling. The weekly aggregate volume across marketplaces amounted to less than $17M on July 24. This is a far cry from the volumes witnessed at the beginning of the year, where volumes exceeded $50M, according to a Dune query.

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