Starbucks was unable to sell out its latest NFT collection, the Starbucks First Store Collection, which was modeled after its first coffeehouse in Seattle. Out of the 5,000 NFTs offered for $100 each, only 4,579 were sold. The disappointing results are in contrast to the success of the coffee giant's previous Siren NFT collection, which reportedly sold out in under 20 minutes. The reason for the poor performance is unclear, but NFT trading volume has declined in recent months. The current floor price of the First Store NFTs is around $150, while the floor price of the Siren NFTs is $450. The floor prices of other blue-chip NFT collections, such as Bored Ape Yacht Club, CryptoPunks, and Mutant Ape Yacht Club, have also declined recently.

(By Yogita Khatri)