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TL;DR
Preliminary consumers of Starbucks’ Odyssey NFTs are nonetheless in revenue throughout the board, even after the NFT market has tanked.
This could be as a result of Starbucks NFT holders are additionally clients of its espresso enterprise.
Their common patronage of Starbucks encourages holders to proceed shopping for/promoting/buying the underlying NFT assortment.
Propping it up consequently, all through the down market.
Full Story
Issues we’ve mentioned earlier than and can say once more:
Web2 and legacy manufacturers have the most important alternatives in Web3.
Web3 tech must develop into invisible to the top person.
Studying books is bizarre. (You’re gonna go stare at symbols printed on tree shavings, and hallucinate? Get a grip).
On that first level…we simply discovered a brand new sign that backs up the argument.
Keep in mind just a few months again after we reported that minters of Starbucks’ Odyssey NFTs have been in revenue throughout the board?
Nicely, since then, the NFT market has tanked even decrease (not nice).
But all Odyssey holders are nonetheless in revenue!
Why? We are able to’t make certain, however we’ve got a sneaking suspicion that it’s all to do with their established enterprise.
Right here’s the thought:
When a Web3 native NFT mission launches, the NFT assortment is just about your complete product providing. There’s no different present companies to prop it up. So when the NFT market tanks, the gathering usually goes with it.
Whereas Starbucks NFT holders are additionally clients of its espresso enterprise (which is the core of its model).
And their common patronage of Starbucks encourages holders to proceed shopping for/promoting/buying the underlying NFT assortment (propping it up all through the arduous instances).
Consider it like Apple AirTags and Tile (the same/competing product).
If tomorrow broad curiosity in monitoring tags waned, Apple’s AirTag enterprise could be extra resilient (as a result of it has different merchandise bringing customers into its ecosystem).
However Tile could be at a a lot greater danger of collapsing (monitoring merchandise is their complete enterprise).
Level is: The chance to capitalize on Web3 tech is open to each Web2/legacy manufacturers and Web3 native manufacturers.
The distinction is, Web2 manufacturers have a greater probability of weathering market storms.
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