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- The launch of Starbucks First Store Collection Stamp will help Polygon edge higher in competition against other Ethereum Scaling solutions like Arbitrum.
- Starbucks has several other NFT projects already trading at the Gemini exchange-backed Nifty Gateway marketplace.
Starbucks Corporation, the world’s largest multinational chain of coffeehouses and roastery reserves headquartered in Seattle, has announced another collection of Non-Fungible Tokens (NFTs) dubbed the First Store Collection Stamp on Polygon (MATIC) network. The company has announced the launch of First Store Collection Stamp NFTs to commemorate the nostalgic success of the Seattle store, which has been running since March 30, 1971.
The First Store Collection Stamp encompasses 5000 digital collectables with each piece selling at $100. With a first come first served principle, Starbucks listed the collectables on the Gemini exchange-backed Nifty Gateway marketplace. The company wrote in a Nifty Gateway remark.
This collection encapsulates that same experience in each unique art piece, depicting an array of elements from our home at 1912 Pike Place. With the Starbucks First Store Collection, you can own a piece of history,
Notably, the First Store Collection Stamp digital collectables complement the existing NFTs released by Starbucks. The company already has other NFTs in the market including the Starbucks Odyssey which had a traded volume of approximately $1.1 million as of Wednesday.
In the company’s NFT drops, the Signature Showdown Journey Stamp, which was released on April 3, had a floor price of $74 and traded volume of $19k on Wednesday. The Starbucks Siren Collection had a floor price of about $450 and a traded volume of approximately $761k.
Others include Bean to Cup Journey Stamp, the Coffee Heritage Journey Stamp, and Holiday Journey Stamp with floor prices of approximately $67.50, $85, and $1,017 respectively.
Can Starbucks NFTs Rejuvenate Polygon (MATIC) Bulls?
Amidst the cryptocurrency 2023 relief rally, the Polygon (MATIC) price is up approximately 47 per cent YTD to trade around $1.12 on Wednesday. The tenth-largest digital asset enjoys a total market capitalization of approximately $10.3 billion and a 24-hour traded volume of approximately $482 million. The Ethereum-based scaling solution has continued to develop network scaling technology including Zero Knowledge (ZK) rollups, and the recently launched zkEVM mainnet beta.
As a result, the Polygon network has attracted significant institutional investors’ attention as a means to access the Ethereum ecosystem. Already, the Polygon institutional portfolio is rich including AAVE, Uniswap V3, Reddit, Robinhood, and Quickswap, among others. According to market aggregate data from defillama, the Polygon (MATIC) ecosystem has a total value locked (TVL) of approximately $1.1 billion.
The launch of Starbucks First Store Collection Stamp will help Polygon edge higher in competition against other Ethereum Scaling solutions like Arbitrum.
From a technical standpoint, the Polygon (MATIC) bulls and bears have been competing since the asset hit this year’s high of around $1.55. As a result, a bullish outlook will be validated if the asset breaks above the rejection around $1.18.
