Starbucks launches non-fungible token NFT stamps

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Starbucks launches non-fungible token NFT stamps

In honor of the 20th anniversary of selling Pumpkin Spice Latte, Starbucks on Thursday launched non-fungible token versions of the beverage.

The NFT range encompasses four types of drink choices: Spiced, Whipped, Iced, and Steamed.

The collectibles will be sold via an open edition for $20 each, per Decrypt, which means there is no limit to how many collectibles can be sold and minted between October 5 and October 9.

Members of Starbucks Odyssey, the company's Web3 platform, who purchase all four NFT stamps will receive a surprise 'opportunity', and the official art work for the stamps will be unveiled on October 10th.

Last December, Starbucks gifted free NFT stamps to members, and some of those resold for $1,900 each on secondary markets. In March, it launched a second collection of $100 per token, and those sold out.

However, Starbucks may be an outlier competitor in the digital asset market as the NFT market was recently found to be mostly worthless.

A September analysis by dappGambl, based on data from NFT Scan and CoinMarketCap, found that 95% of the NFT collections had a market cap of zero as measured in ether. According to the study, roughly 23 million people are holding those worthless assets.

A Starbucks spokeswoman did not immediately respond to a request for comment.