Key points:

  • Global coffeehouse company Starbucks has announced that its members can buy NFTs on Polygon in the U.S.
  • Members will now be able to buy and earn digital collectible stamps as NFTs. 
  • Every digital stamp named the Starbucks Odyssey will have its ownership verified on the blockchain. 

You heard it right! Starbucks has announced that it will soon launch a non-fungible token (NFT)-based loyalty program. The loyalty program will run on Polygon’s Layer 2 blockchain network. The coffeehouse company aims to provide a unique Web3 experience to Starbucks reward members and Starbucks partners across the United States. 

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Starbucks Odyssey, a new experience for customers and partners

Starbucks Odyssey is a full-fledged loyalty program created by Starbucks for its reward members and partners. Starbucks has said that the loyalty program which is powered by Web3 technology will provide members and partners an opportunity to collect and buy digital assets. These digital assets, also known as NFTs will make immersive coffee experiences and other benefits more accessible. 

Starbucks is one of the first companies to integrate non-fungible tokens (NFTs) with an industry-leading loyalty program while building a digital community that will create new ways of engagement between the company and its customers and partners.

Earlier this year, in May, the global coffeehouse company hinted that it has plans of building a Web3 experience. This was around the same time it announced that it would release a bunch of NFT collections that will provide unique experiences, customer interactions, and community development. 

There is a waiting list to join Starbucks Odyssey. 

How will this work?

Cointelegraph said that the surge in stamp collection will have a direct impact on members’ points. This will enable members to access unique experiences. Starbucks said that rewards will range from espresso martini-making classes for customers to access unique merchandise for exclusive event invites. Besides, a few lucky customers would also stand a chance to visit the Starbucks Hacienda Alsacia coffee farm in Costa Rica. 

Customers can also collect NFTs via coffee-based games or fun challenges on Starbucks Odyssey, slated to launch at the fag end of 2022. 

Why is the loyalty program built on Polygon’s proof-of-stake network?

The loyalty program will be built on Polygon’s proof-of-stake network, a consensus mechanism primarily used to create new blocks and process transactions in the blockchain. 

As the Ethereum merge draws closer, we expect to see more and more blockchain applications shift from proof-of-work to proof-of-stake. The shift to proof-of-stake is primarily driven by high costs and low transaction speeds in the proof-of-work concept. 

What are your thoughts on this story? Do you think Starbucks is riding on the NFT trend by announcing an NFT-based loyalty program? Will it succeed? Share your thoughts with us by leaving a comment below. 

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