Ali Raza
Starbucks is set to launch its Starbucks Odyssey at the end of the year, marking the first venture of the multinational coffee chain into the Web3 & crypto sector.
The initiative will combine the Starbucks Rewards loyalty program and a non-fungible token (NFT) platform that allows customers to earn and buy digital assets that unveil exclusive experiences and rewards.
Starbucks Odyssey marks the coffee chain’s venture into Web3
Starbucks had initially tested Web3 plans to investors, adding that it believed the new experience would build upon the current Starbucks Rewards model where customers earn stars that can be traded for perks such as free drinks.
Starbucks envisions that the Starbucks Odyssey will target its most loyal customers to earn a broad set of rewards while supporting the community. The program will be headed by Adam Brotman, who is also the creator of the Starbucks app.
Starbucks has investigated blockchain technologies over the years and has been involved in the project for around six months. The CMO of Starbucks, Brady Brewer, said that the company was investing in the Web3 sector to adopt blockchain technology to support its business and grow its loyalty program.
Starbucks plans to make NFT-like passes that support access to the digital community, and it aims to obscure the nature of the technology to attract more consumers to the Web3 sector. The company has not shared what these NFTs will cost or how many will be available during the launch.
Members that collect the stamps will earn points to unlock significant benefits. The perks will be more of what is earned with the Starbucks Rewards program. Members will also earn other perks, such as free coffee, food, and selected merchandise and the points will go towards experiences and other benefits.
In Odyssey, users can earn NFTs by completing challenges that could include real-world activities. This could require users to display their barcode during checkout. The company is currently working on finding the games, challenges, and quests that will be included during the launch.
According to Brewer, there will be many ways to earn rewards without spending much money, with the coffee chain committed to making the process easy and accessible.
Starbucks to use the Polygon blockchain
Starbucks has said it explored various different blockchain networks for the project, but finally partnered with the Proof-of-Stake (PoS) Polygon network – PoS networks use less energy and offer faster transactions than Proof-of-Work (PoW) blockchains.
The move towards the Web3 world makes sense for the company, as it has become popular for leveraging emerging technologies and ensuring they are easily accessible to consumers. During the past years, Starbucks launched Wi-Fi within its stores to support customers that want to spend more time during visits.
Starbucks has also supported mobile wallets, and during the pandemic, it increased support for mobile orders ahead of the Covid-19 pandemic. However, there has been concern over traditional businesses saying that moving towards the Web3 market was a marketing stunt.
Starbucks anticipates that a waitlist for its Web3 platform will be opened on September 12, before the launch is officially slated towards the end of the year – the platform will then be launched for broader use in 2023.
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This article was written for Business 2 Community by Ali Raza.
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