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Key Takeaways:
- Is Pumpkin Spice still confusing? Read on to see what it’s all about.
- The “violent history” did not influence the Starbucks Corporation sales.
- PSL NFTs don’t sell as well as the swirly drink.
YEREVAN (CoinChapter.com) — Halloween 2023 came smashing, with record spending of over $12 billion on everything sweet, spooky, and between. And, of course, Starbucks cashed in on some of the action, pushing its Pumpkin Spice Latte for 20 years straight.
The company even launched an NFT-based “experience” of the same name in late 2022 to commemorate the anniversary of the gloriously disgusting drink.
However, before we get to the collection, it’s high time to find out what the fuss is all about. WHAT goes into the “fall’s favorite spice mix?”
Pumpkin Spice made a lot of noise in 2023
For those out of the loop, Pumpkin Spice Latte is a coffee drink containing steamed milk, espresso, and often sugar, topped with whipped cream and pumpkin spice, the hero of the hour.
Pumpkin Spice, a popular mix in the US, includes predominantly nutmeg, cinnamon, ginger, and clove, giving your taste buds the “fall” feeling every year without fail. However, before Halloween 2023, the Washington Post published a piece on the “violent history” of pumpkin spice, which made some noise among millennials, Starbucks’ main consumer demographic.
The story does not move Starbucks consumers
The article examined the early 1620s Dutch invasion of the Banda Islands, located in modern-day Indonesia. Thousands lost their lives as Europeans pursued the “medical properties” of nutmeg.
As tragic as the story was, we challenge anyone to find food, and especially spices, that hadn’t been touched by slavery, indigenous displacement, or violence in any other shape or form. Seriously.
Meanwhile, the hoopla did not affect Starbucks sales in the slightest.
According to the Q3 fiscal 2023 results, global comparable store sales increased by 10%, primarily driven by a 5% increase in comparable transactions and a 4% increase in average tickets. The coffee giant opened 588 net new stores in Q3, crossing the 37,000 store count threshold globally, ending the period with 37,222 stores: 51% company-operated and 49% licensed.
Starbucks NFTs sell worse than the real Pumpkin Spice Latte
Fast forward to the NFT collection. As mentioned, Starbucks launched a reward system named “Starbucks Odyssey” for its sugar-free-soy-vanilla-latte lovers. The project includes activities to earn collectible ‘Journey Stamps’ (NFTs) and Odyssey Points. Those, in turn, will unlock access to more “benefits and experiences.”
According to Forbes, the Odyssey features over 31 million members. In the spring, when the company offered test members a chance to buy the stamps for $100 each – rather than earn them via journeys – 2,000 NFTs sold within minutes. Some were resold on the secondary market for as much as $2,000.
However, as of Oct 31, the PSL (read pumpkin spice latte) collection NFTs on Nifty Gateway sold at an average of $20 a pop within the previous 24 hours, despite the initial grandiose claims.
Here is how one of the users described the experience.
I had to spend 20 minutes watching videos and then taking a quiz. You don’t get your points unless you get it 100% correct. I’ve yet to complete a challenge because each requires an additional task, like visiting a location with a camera phone or making $5 in purchases for several weeks in a row. It’s a lot of hoops to jump through. All people want is discounted/free coffee!”
they said.
The Pumpkin Spice Latte NFTs are not selling half as great as the drink. But then again, what NFT could give its owners the sweet taste of Halloween?
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