Robert Steinadler, 6 months ago
Starbucks already announced that it would delve into the world of NFTs in September this year. Now those plans are set in motion and a beta version of Odyssey has been started last week. Starbucks is not the only company that is getting active in Web3 and particularly non-fungible tokens. It seems that once again NFTs are the new hotness companies like to explore.
What is Odyssey and what has Starbucks NFT platform to offer?
It was in September when Starbucks announced that it would enter an exclusive partnership with Polygon. The layer-2 solution that is build on top of Ethereum has become highly successful. Of course, valuations are dropping but despite that fact MATIC is ranking in the top 10 according to its market cap.
Polygon is Starbucks first choice to take customer experience to a new level and introduce its first blockchain based program for customers. This is not the first partnership for Starbucks, since the company already partnered with BitPay to accept crypto in its stores.
Overall, it seems that crypto is hotter than any coffee available at Starbucks given the fact that the company is starting its very own NFT project.
Starbucks Odyssey is a brand-new extension of the Starbucks Rewards loyalty program. Members can unlock exciting new benefits as well as participating in an entertainment series called “Journeys”. Once that journey is completed, customers are rewarded with a collectible. These Journey Stamps come as NFTs, while so-called Odyssey Points are not collectibles.
Selected customers already have been invited to test the Web3 sensation. According to a statement from Polygon, the options will be extended in 2023 with so-called “Limited-Edition Stamps”. Customers can buy these limited NFTs from Starbucks very own marketplace that is powered by Nifty Gateway. These stamps can be acquired without the need of a wallet or holding crypto. Each NFT will be designed by Starbucks employees.
It remains to be seen when and if the platform is going to launch for good. So far, Starbucks Odyssey is limited to members in the U.S. and it is unclear if the tokenized loyalty program will ever hit Europe. With yet another company entering the metaverse, it becomes clear that Web3 could indeed become an important part of the future. That being said, the new digital realm is still fractioned with many companies running their own marketplaces and using different blockchain technologies.
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