Starbucks (NASDAQ:SBUX) is finally getting in on the Web3 frenzy. On Tuesday, the coffee retail chain announced its plans to incorporate an NFT-based reward program into its already successful “Starbucks Rewards” loyalty program, known as Starbucks Odyssey.
Offical Statement
“Leveraging Web3 technology will allow our members to access experiences and ownership that were not possible before. Starbucks Odyssey will transcend the foundational benefits that our Starbucks Rewards members have come to love, and unlock digital, physical and experiential benefits that are uniquely Starbucks,” said Brady Brewer, Starbucks’ executive vice president and chief marketing officer, in an official statement.
Starbucks Odyssey
Now that the waitlist for Starbucks Odyssey is officially open, we have additional details on what can be expected from Starbucks' new digital project.
What is Starbucks Odyssey?
Starbucks Odyssey which essentially merges the company’s current rewards system with a blockchain-based NFT platform. Currently, Starbucks rewards members earn stars when they make purchases, which can then be redeemed for a free coffee or similar item. Odyssey takes that straightforward rewards pitch and turns it on its head. Now caffeine addicts can instead earn and purchase digital collectibles as part of a Starbucks metaverse! System is going to run on Polygon’s proof-of-stake blockchain network.
What Is a Non-Fungible Token (NFT)?
Non-fungible tokens (NFTs) are cryptographic assets on a blockchain with unique identification codes and metadata that distinguish them from each other.
Unlike cryptocurrencies, they cannot be traded or exchanged at equivalency. This differs from fungible tokens like cryptocurrencies, which are identical to each other and, therefore, can serve as a medium for commercial transactions.
What is Polygon Proof of Stake Network?
Proof of Stake (PoS) is a category of consensus algorithms for public blockchains that depend on a validator's economic stake in the network. In proof of work (PoW) based public blockchains, the algorithm rewards participants who solve cryptographic puzzles to validate transactions and create new blocks.
What is Web3?
Web3 is the name some technologists have given to the idea of a new kind of internet service that is built using decentralized blockchains — the shared ledger systems used by cryptocurrencies like Bitcoin and Ether.
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