FTX and Binance: how latest crypto scandals could influence public opinion on digital currency regulation
NFT: Starbucks is brewing an NFT-based loyalty program for rewards members
Starbucks announced it would be offering something new to members of its loyalty program. The coffee chain will add an NFT-based perk where people will be able to buy digital collectible stamps in non-fungible token form.
The company will launch the Starbucks Odyssey, which will offer a revolutionary Web3 experience for the rewards members. This NFT-based loyalty scheme will operate using Polygon's blockchain technology.
According to CoinDesk, the Starbucks Odyssey program is built on Polygon's proof-of-stake (PoS) network, a cryptocurrency consensus mechanism for processing transactions and creating new blocks in a blockchain that rests on top of the Ethereum network.
The Seattle-based coffee house company is adding the new Starbucks Odyssey experience as a perk for its loyal customers. This will offer members the ability to earn and buy NFTs or digital collectible stamps that can unlock access to new coffee experiences.
It was noted that as early as May, Starbucks was already hinting about developing its own Web3 experience in its stores. At that time, the company revealed its plans to release a series of digital collections and provide unique experiences to customers in addition to widening customer engagement and community building.
To avail of the Starbucks Odyssey experience, customers can register on a waitlist now. This NFT program is an extension of the company's Starbucks Rewards program that gives members access by simply logging in using their login credentials.
Once on the site, members can buy limited-edition NFTs via the built-in marketplace inside Starbucks Odyssey. People can pay for the purchase using a credit card - neither a crypto wallet nor cryptocurrency is required.
"Starbucks has always served as the Third Place, a place between home and work where you feel the warmth of connection over coffee, community and belonging," Starbucks' executive vice president and chief marketing officer, Brady Brewer, said in a press release. "The Starbucks Odyssey experience will extend the Third Place connection to the digital world. For the first time, we are connecting our Starbucks Rewards loyalty program members not just to Starbucks, but to each other."
He added, "By integrating into the Starbucks Rewards ecosystem and grounding the experience in coffee, connection and community, we are entering the Web3 space differently than any other brand while deepening our members' connection to Starbucks."
Will AI kill our creativity? It could – if we don’t start to value and protect the traits that make us human