Starbucks Announces Game-Changing NFT Loyalty Programme

One of the most common adages around crypto is that we’re “early.” These are supposed to be the formative years of DeFi, but when does being “early” transform into mainstream adoption? Could it be when one of the biggest high street chains in the world launches an NFT loyalty programme?

Source: Twitter.

How Starbucks is changing the crypto game

The stats around Starbucks are boggling. The firm operates over 30,000 stores in more than 70 countries, employs nearly 400,000 staff and the Starbucks reward programme has a staggering 16.8 million active members. That makes their integration of crypto all the more important. 

Starbucks was one of the first major companies to offer Bitcoin as a payment option but now it’s taking things to a whole new level and seeking to build a “digital third place.” This will encompass a “global digital community – a community defined by collaboration, experiences, and shared ownership.” Although the digital space will initially be focused on coffee, Starbucks has plans to incorporate art, music, books and “beyond.”

Source: Starbucks

What this means in the short term is a new crypto loyalty scheme paired with NFTs. The programme will be called Starbucks Odyssey and it will utilise the Polygon blockchain to avoid network congestion and high fees. Customers will collect digital stamps in the form of NFTs. These will offer various benefits and experiences. Of course, the more NFT stamps you collect, the more rewards/experiences you’ll accrue.

Starbucks has big Web3 plans

The news went down well, with Polygon’s MATIC token edging up by 3.37%. Although the scheme hasn't been launched yet, customers can join a waiting list. The queue is likely to be long as Starbucks has promised benefits galore. NFT stamps will “unlock digital, physical and experiential benefits that are uniquely Starbucks.” These will include everything from merchandise to online coffee-making classes and even trips to coffee farms in Costa Rica.

The collaboration is a coup for Polygon.

Utilising a “play to earn” style model common across crypto gaming, members will complete “journeys” (interactive games and challenges) to earn collectable stamps. Limited edition stamps will also be purchasable via a special marketplace. Crucially, these can be purchased with fiat, lowering the entry-level still further for crypto newcomers. Users won’t even need a traditional crypto wallet.

These opening salvos are only the tip of the iceberg. The official Starbucks news site waxes lyrical about the potential of the scheme, crypto and Web3 more generally. Starbucks has positioned itself at the forefront of the early adopters. A blog post back in May asked “what if we could create a new model of what it means to be connected?” This programme is certainly an important step in that direction, but its implications are even wider. Where Starbucks goes, other big firms are certain to follow.

Sources

https://stories.starbucks.com/press/2022/starbucks-brewing-revolutionary-web3-experience-for-its-starbucks-rewards-

members/ https://stories.starbucks.com/stories/2022/starbucks-creating-the-digital-third-place/ 

https://expandedramblings.com/index.php/starbucks-statistics/