Starbucks taking a new lane Web3 platform in NFT-based reward program announcement
Starbucks launched its new non-fungible token (NFT)-based reward program. Users will soon be able to buy Starbucks NFTs to gain access to the global Starbucks community where members will be able to enjoy exclusive coffee-related experiences and benefits. Users will obtain digital collectible prizes in the form of NFTs after successfully completing each activity. The details of the launch of the NFT collection and web3 community haven’t been revealed yet.
Starbucks is one of the first companies to integrate non-fungible tokens with an industry-leading loyalty program at scale while creating a digital community that will enable new ways for Starbucks to engage with its members. The Starbucks company is also readying itself to enter the web3 space via the ‘Starbucks Web3 Digital Community, which will possibly be tied to its mobile payments in-store. Web3 is moving toward widespread acceptance. Both businesses will collaborate closely to improve the Starbucks Odyssey web3 experience.
Starbucks to unveil its web3:
Starbucks Odyssey, may bring us one step closer to making this a reality, or at least provide some suggestions of which direction to head in. NFTs, while still a very new technology, appeal to this target user base. Starbucks announced it plans to allow NFT holders to trade them in peer-to-peer (P2P) marketplaces. where customers will be able to have unique experiences via special access and will also be able to buy NFTs from the Starbucks collection.
Starbucks has made some promising decisions that can serve as guidance for other corporate Web3 initiatives. The company said it would choose any blockchain that is fast and inexpensive. The Starbucks Odyssey experience will extend the Third Place connection to the digital world. Starbucks Odyssey seems like a promising implementation of Web3 technology for today’s environment.
There’s no doubt that being a leading company engaging with Web3 will provide publicity benefits to Starbucks. Starbucks members can also purchase ‘limited-edition stamps’ (NFTs) through a built-in marketplace within the Starbucks Odyssey web app experience. Customers can now sign up for the waitlist to try the new Odyssey from the coffee chain first. Starbucks Odyssey will nevertheless serve as a fascinating and highly informative test case for corporate implementation of Web3.
The Starbucks company approach to blockchain technology, while ultimately likely to be multi-chain or chain agnostic, will certainly start with collections backed by blockchains and infrastructure that is consistent with our multi-decade commitment to sustainability. Overall, the coffee retailer kept its web3 news fairly high level, explaining simply that it believed digital collectibles could create an accretive business adjustment to its stores and that more would be revealed later in 2022.