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American coffee giant Starbucks partners with blockchain company Polygon for its newest web3 project, ‘Odyssey’, to launch an NFT rewards program.
Polygon’s PoS network will power Starbucks’ blockchain-based loyalty program with low fees and high transaction speed. This makes Starbucks the first company to integrate NFT technology into a loyalty program.
Starbucks members and employees can join a waitlist for Odyssey, which launches later this year.
Starbucks Rewards members and the company’s employees will have the opportunity to buy and earn NFTs without using cryptocurrency and enjoy rewards like unique experiences, exclusive merchandise, artist collaborations, and event invitations. Odyssey also aims to attract younger consumers and deepen their knowledge of coffee.
“Building Starbucks Odyssey using technology that aligns with our sustainability aspirations and commitments is a top priority. We took a very thoughtful and thorough approach when evaluating which blockchain to utilize and Polygon’s fast, low-cost, and carbon-neutral network is the perfect foundation for our first digital community,”said Ryan Butz, VP of loyalty, strategy, and marketing for Starbucks.
Members will get rewards for completing tasks with NFTs—Starbucks is calling them digital collectible stamps. Through the Odyssey app, members will be able to purchase stamps via a marketplace (only credit cards are accepted). Each stamp equals a point, with value based on rarity, and they can be traded with other members on Odyssey. The stamps in an NFT form ensure ownership and authentication.
“Leveraging Web3 technology will allow our members to access experiences and ownership that was not possible before. Starbucks Odyssey will transcend the foundational benefits that our Starbucks Rewards members have come to love, and unlock digital, physical, and experiential benefits that are uniquely Starbucks,”Brady Brewer, the CMO of Starbucks, stated.
Starbucks’ CEO, Howard Schultz, announced in April that the company would enter the NFT business before 2023. Schultz assured employees that “Starbucks’ best days are ahead.”
Polygon has been gaining ground as the preferred network for many Web3 projects and DeFi protocols such as Aave, Uniswap V3, and OpenSea, along with big brands like Adobe, Stripe, and Dolce&Gabbana. The native token, MATIC, has seen an increase of 123% since June, an impressive performance considering the current bear market.
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