How Starbucks plans to use NFTs and web3 in its reward program
Starbucks has always been the Third Place between home and office, where people can relax and enjoy a cup of coffee while socializing with a sense of community and togetherness. The new Starbucks Odyssey plans to expand the company's already-established tradition of creating an inviting space for people to connect and socialize.
In an effort to increase customer engagement and loyalty, Starbucks announced the expansion of its rewards program. This new initiative is expected to go live later this year with access for current members and all employees in America's favorite coffee house!
Members of the program would have access to a range of unique experiences, such as artist collaborations and special events. It will also include interactive activities that will test users’ knowledge of Starbucks and coffee while rewarding them with NFTs.
With global brands taking initiatives to develop new use cases for these digital tokens, it's no surprise that NFTs have become one of the most talked-about topics today. But what exactly are these digital tokens? In a nutshell, NFTs are unique blockchain tokens used to represent real-world assets. NFTs, which were previously just speculative artworks on the internet, are progressively providing holders with tangible/intangible features and advantages.
Starbucks aims to kickstart its business using NFTs and Web3
Starbucks' stock has declined by 20% in the last year despite a strong comeback from the lockdown in 2021. This is partly due to fears about consumer responses to the chain's price increase and the continuing upheaval of its dealings with newly unionized employees in over 200 outlets.
Thankfully, the company has a track record of introducing innovative technology to enhance customer experiences, including Wi-Fi in its shops and the widespread adoption of Mobile Order & Pay.
Now, Starbucks is set to join the digital world to reinvent the customer experience throughout its stores. The introduction of Starbucks' new loyalty program has consumers excited already. Starbucks Odyssey combines the company's rewards structure with an NFT platform, allowing users to earn and spend digital assets in exchange for premium benefits.
Starbucks to Integrate NFTs
Users can access Starbucks Odyssey with the same credentials as the Starbucks Rewards program. After signing up, they can embark on several "journeys," including activities such as games and challenges designed to increase their understanding of coffee and Starbucks culture. NFTs will be given to members who complete a certain number of journeys in the form of "journey stamps."
Members can also buy 'limited-edition stamps' (NFTs) via a built-in marketplace inside the Starbucks Odyssey web app. All members will have immediate access to purchasing these limited-edition stamps using a credit card. While the Starbucks Odyssey will be housed on the Polygon blockchain, a cryptocurrency wallet is not necessary for you to participate.
How it Works
A point value is assigned to each digital collectible stamp depending on its rarity. Members can buy and sell stamps to accumulate points, giving them access to previously unavailable perks and privileges.
Rewards include anything from a virtual espresso martini-making class to rare merchandise and artist collaborations. You can also get invited to private events at Starbucks Reserve Roasteries and tours of the Costa Rica Starbucks Hacienda Alsacia coffee estate. All stamps will showcase Starbucks artworks developed in collaboration with Starbucks partners and external artists.
How to Participate
Customers can sign up for the waitlist, and invitations will be delivered to chosen members later this year. As Starbucks Odyssey develops, the program will continue collecting input from members and partners, which will help define the future of this unique, new Starbucks Rewards experience.
Why Starbucks is employing the digital world
Using Web3 technology, users have access to experiences and ownership that were previously unavailable. Starbucks Odyssey goes beyond the fundamental advantages that Starbucks Rewards members have come to expect, unlocking exclusive digital, physical, and immersive perks. Starbucks approaches the Web3 sector more distinctively than any other brand by integrating into the Starbucks rewards ecosystem and rooting the experience in coffee, engagement, and community. The project also has a charitable component, with a percentage of the revenues from selling limited-edition stamps going to charitable organizations supported by workers and members.
Starbucks' plans for the future in the digital world
Starbucks is always looking for new ways to engage with its customers and build a community. The objective is to establish a digital space where the community can gather over coffee, participate in immersive experiences, and celebrate Starbucks' legacy and future. To that end, Starbucks has already envisioned how some of the activities that earn NFTs will be linked to actual Starbucks purchases. This is an incredibly exciting development for the NFT community, and we can't wait to see what Starbucks comes up with next!