One of the most famous American multinational coffeehouse chains, Starbucks, has confirmed its partnership with the blockchain project Polygon and unveiled the company’s built Web3.0 Technology called Starbucks Odyssey.
Starbucks Odyssey is a digital platform built to enable its users to earn rewards and buy digital collectibles in the form of Non-Fungible tokens(NFTs), which can be purchased from the coffee-house’s wallet app. The NFT program is a unique variation of its current loyalty program where customers earn ‘Stars’ which they can redeem for drinks at the outlets.
This program will be available to members of the Starbucks Rewards Loyalty program (partners) in the United States. A pricing fee will be offered, and the buyers will not have to worry about the gas fee when acquiring NFTs through their payment cards.
Polygon confirmed the collaboration with Starbucks in a blog post called “Starbucks Taps Polygon for its Starbucks Odyssey’ Web3 Experience.” The blog post, which was shared in a tweet, stated:
“This one-of-a-kind loyalty program experience is powered by the low fees and high transaction speeds on the proof-of-stake (PoS) Polygonnetwork.”
Starbucks’ Web3.0 Plans
Meanwhile, Starbucks Vice President and chief marketing officer (CMO) of Starbucks Brady Brewer, through the TechCrunch report, stated that the company aimed to invest in this area but not as a “stunt” side project as many companies are doing. Instead, it wanted to implement a way to use technology to boost its business and enlarge its existing loyalty initiative.
Brady added, “We are entering the Web3.0 space differently than any other brand while deepening our members’ connection to Starbucks.” He also said that the firm’s vision was to create a place where its digital community can come together and interact over coffee, “…engage in immersive experiences, and celebrate the heritage and future of Starbucks.”
Starbucks also gave several reasons for its choice to partner with Polygon, claiming that it was due to its alignment with the company’s sustainability aspirations and commitments. Polygon uses a proof-of-stake consensus mechanism that uses minimum energy, unlike other Blockchains such as Bitcoin, which are energy intensive.
Ryan Butz, Starbucks Vice President of Loyalty, Strategy, and Marketing, weighed in on the developments saying, “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.”
Sandeep Nailwal, Co-founder of Polygon, said that their choice of Starbucks was natural as both companies focus on diversity, accessibility, and sustainability.
However, the blockchain company noted that Starbucks’ membership program would enable its users to log into the web app using their existing loyalty program credentials. Once logged in, they can engage in activities the firm refers to as “journeys,” which include playing interactive games or carrying out challenges designed to give customers more knowledge about Starbucks coffee and its brand. Upon completion of journeys, the customers will earn the digital collectibles in the form of NFTs, which the company refers to as “journey stamps.”
The coffee chain rewards can be a virtual espresso martini-making class, access to unique merchandise to exclusive events hosted by Starbucks Reserve Roasteries, or a trip to the Starbucks Hacienda Alsacia coffee farm in Costa Rica.
Although the NFTs are hosted on the Polygon Blockchain, the digital art collectibles will be bought using a credit or debit card without connecting to their wallets. However, the company has not revealed what its NFTs will cost or how many will be available at the launch. It has urged its customers to sign up to the waitlist as they iron up decisions over the same.
Many brands are tapping into the Web3.0 space to offer unique experiences to their customers. A coffee chain house based in South Korea called Tom N Tom coffee recently announced that it is launching its NFT market called TOMS NFT. The coffee house has dug deep into the blockchain and issued its utility token, TomTom Coins (TOMS).
Like Starbucks’ NFT plan, the token coins were created to reward its customers and as a means of payment. The token has been listed in the crypto exchanges such as Binance.