Starbucks Taps Polygon for NFT-Based Loyalty Program
- Expected to launch later this year, the new loyalty program will utilize Polygon’s blockchain technology to reward customers with unique NFTs.
- Called Starbucks Odyssey, the initiative will allow members of Starbucks Rewards to unlock “immersive coffee experiences”, from unique merchandise to invitations to exclusive events.
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Popular coffeehouse chain Starbucks has partnered with blockchain provider Polygon on a new non-fungible token (NFT) loyalty program that will launch later this year, the company said in a press release on 12 September.
According to the announcement, the “Odyssey” initiative will allow members of Starbucks’ Rewards loyalty program in the United States to earn and purchase digital collectible stamps in the form of NFTs, offering customers unique benefits and immersive experiences. The new experience will be powered by web3 technology provided by Polygon‘s proof-of-stake (PoS) network, which offers users low fees and high transaction speeds. Starbucks’ executive vice president and chief marketing officer, Brady Brewer, said in a statement:
“Leveraging Web3 technology will allow our members to access experiences and ownership that was not possible before. Our vision is to create a place where our digital community can come together over coffee, engage in immersive experiences, and celebrate the heritage and future of Starbucks.”
Starbucks plans to launch the new rewards initiative “later this year”, but customers can already join the waitlist for “Starbucks Odyssey”. Once launched, the loyalty program will allow customers to engage in “journeys” — activities such as playing interactive games and taking on challenges, designed to deepen their knowledge of coffee and Starbucks — and earn NFTs. “Limited-edition” tokens will also be available through a built-in marketplace .
Each NFT will have a point value based on its rarity, and customers with enough points will be able to unlock access to unique benefits and experiences. Some of the rewards include access to unique merchandise, artist collaborations, invitations to exclusive events, and even trips to Starbucks’ coffee farm in Costa Rica.
- Binance has officially launched its $1 billion industry recovery fund, and said it is ready to set aside another $1 billion in the near future “if the need arises”.
- Jump Crypto, Polygon Ventures, Aptos Labs, Animoca Brands, GSR, Kronos, and Brooker Group have all joined the fund with a combined contribution of $50 million.
Binance CEO Changpeng Zhao. CoinDesk
- MetaMask Bridges was designed to aggregate multiple blockchain bridges in one place, making it easier and more secure for users to transfer their assets from one network to another.
- The new feature currently supports the Ethereum, Avalanche, BNB Chain, and Polygon blockchains, as well as the Connext, Hop, Celer cBridge, and Polygon Bridge.
- The popular web3 wallet has partnered with NFTBank, a firm building NFT price-tracking tools, in order to make the new feature possible.
- NFTBank claims it can offer over 90% accuracy on its prediction thanks to its machine learning algorithm that takes into account floor price, rarity, and bid/ask distribution for NFTs.