Starbucks, one of the world’s largest coffee companies, has entered the world of Web3 by launching its loyalty program, Starbucks Odyssey, on the Polygon blockchain. Starbucks’ new blockchain-based loyalty program is a milestone in the world of NFTs. Starbucks launched Blockchain-based Loyalty Program to strengthen the customer relationship.
The Starbucks Odyssey program is still in invitation-only beta, but it has already made headlines by releasing its first collection of non-fungible tokens (NFTs), called “Stamps.” Members of the program can earn Stamps by completing various activities, such as quizzes and in-store purchases, and they can collect or resell them on Nifty Gateway.
The first collection, called the “Siren Collection,” featured a version of the company’s iconic Siren, with each stamp priced at $100. Members were allowed to purchase two stamps each and could pay using a credit card or by connecting their MetaMask wallet. However, the launch was not without its challenges, as members of the Starbucks Odyssey Discord group reported problems accessing the site and error messages due to high traffic.
Despite the technical issues, the collection sold out in just 18 minutes, and secondary sales quickly soared. As of this writing, the floor price for a Siren Stamp has already passed $550, and NFT Stamps that members unlocked from completing Journeys are available in the Nifty Gateway secondary market. The floor price for the “Holiday Cheer Edition 1 Stamp” has reached $1,398, with $170,636 in trading volume.
The Starbucks Odyssey program aims to be friendly to non-crypto natives by emphasizing the ability to purchase Stamps using a credit card. Starbucks partnered with Forum3, a blockchain-based loyalty platform, to launch the program. Andy Sack, co-founder, and co-CEO of Forum3 said in an interview with CoinDesk that Starbucks Odyssey is a next-generation loyalty platform aimed at building a brand relationship between customers and Starbucks.
Starbucks Odyssey’s move into the world of Web3 demonstrates the growing interest of mainstream companies in blockchain technology and NFTs. The coffee company’s foray into the space may encourage other major brands to explore the potential of blockchain-based loyalty programs and NFTs, which could lead to broader adoption of Web3 technology.
In conclusion, Starbucks Odyssey’s launch on the Polygon blockchain and the release of its first NFT collection is a significant step for the coffee company and the wider Web3 ecosystem. While there were technical challenges during the launch, the success of the Siren Collection proves that there is a demand for blockchain-based loyalty programs and NFTs. As more mainstream companies explore the potential of Web3 technology, we can expect to see more innovative use cases emerge in the future.