Starbucks launches Polygon NFT loyalty program for beta testers in the United States

 

TechInsight360 

As part of its strategy to move into the world of Web3 technologies, Starbucks has extended its rewards program to the blockchain. In December 2022, the popular coffee chain launched a beta version of its Odyssey program, combining customer rewards with non-fungible tokens and other gamified elements. The new initiative allows loyalty program members to earn a wide range of rewards and has therefore garnered strong interest from consumers.

While the firm did not disclose how many of its customers have signed up for the waitlist or how many have been given access in the beta launch, the firm did announce that Starbucks has received unprecedented interest in its NFT-powered loyalty program. The firm first announced the experiential rewards program earlier in September. Built on the Layer-2 Ethereum scaling protocol, Polygon, Starbucks Odyssey introduces a new platform where members can engage with interactive activities known as Journeys. When completed members are rewarded with Journey Stamps, which are basically NFTs.

Read More - Starbucks bet on NFT is paving the way for future loyalty programs

Notably, members can earn their first Journey Stamps after collecting 500 points. With the program being in its beta phase, the first of the Journey Stamps launched by the firm include those which are designed taking inspiration from Starbuck’s history. Members participating in the program will earn NFTs. These NFTs will have a point value based on their rarity. It means that while the NFTs will be tied to real-world experiences, members can also buy and sell their digital assets on the Odyssey marketplace, which is due to launch in 2023.

·    Starbucks is expected to launch the NFT marketplace, which will be powered by Nifty Gateway. To make the buy, sell, and trade process simpler, Starbucks is allowing members to buy the Stamps using their credit cards. There is no need to have a crypto wallet. Furthermore, there is no need to have any understanding of Web3 technologies to participate in the NFT loyalty program.

For Starbucks, the program not only engages its most loyal customers but also provides the firm with a potential revenue stream. In 2023, the firm is planning to release limited edition Stamps. Starbucks is planning to give away a portion of the revenue to support different causes. It is expected that the firm will release the limited-edition Stamps four to six times every year.

Read More - Apple's move into NFTs can further accelerate the Web3 evolution

Many of the leading brands have already forayed into the world of Web3 technologies over the last two years. Reddit with its NFT program has amassed millions of users, while brands such as Nike and Gucci have generated millions of dollars in additional revenue through their NFT projects. From the short to medium-term perspective, many more brands across industry verticals are projected to foray into the world of Web3 technologies, including NFT and metaverse.

Read More - Reddit lays out the blueprint to engage the audience and drive NFT adoption

The overwhelming response received by Starbucks towards its Odyssey program indicates that the NFT-powered loyalty program can become mainstream over the next few years. Brands such as Budweiser have already launched such NFT-powered loyalty programs and the trend is expected to further grow from the short to medium-term perspective. Notably, an NFT-powered loyalty program can potentially become a powerful tool for smaller brands that are struggling to compete with bigger brands, that are spending millions of dollars on their customer acquisitions strategy.

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