Coffee chain giant Starbucks Corporation (NASDAQ:SBUX) shared details for its Web3 experience on Monday. The company first announced plans for NFTs and a bigger Web3 presence in April. Here is the first look at Starbucks Odyssey.
What Happened: Starbucks announced Starbucks Odyssey Monday, a Web3 experience for its Starbucks Rewards Members.
The new offering will give rewards members and Starbucks partners (employees) in the United States the ability to earn and purchase digital collectibles in the form of non-fungible tokens (NFTs).
“Starbucks is one of the first companies to integrate non-fungible tokens with an industry-leading loyalty program at scale, while creating a digital community that will enable new ways for Starbucks to engage with its members and its partners,” the company said.
The company opened a waitlist Monday, with rewards members able to sign up to get access to Starbucks Odyssey when it launches later this year. Those not members of the rewards program are prompted to sign up.
“Starbucks has always served as the Third Place, a place between home and work where you feel the warmth of connection over coffee, community and belonging,” Starbucks Executive Vice President and Chief Marketing Officer Brady Brewer said.
Starbucks Rewards members will be able to log in and take part in “journeys,” which will include games and challenge. Rewards for participating include “journey stamps” which are NFTs. Additional NFTs can also be purchased using a marketplace from Starbucks using a credit card.
Users will not need to have a crypto wallet or cryptocurrency to purchase the NFTs.
“Making the Starbucks Odyssey experience a fun and easy way for members to access this new technology and claim an ownership stake in their loyalty to Starbucks,” the company said.
Stamps will have different levels of rarity with a point system. Users can buy and sell stamps from each other on the marketplace.
Reaching certain levels or point totals can unlock virtual coffee classes, merchandise, artist collaborations and private Starbucks events and trips to the Starbucks Hacienda Alsacia coffee farm in Costa Rica.
The Starbucks Odyssey NFTs and platform are using blockchain technology built by Polygon (CRYPTO: MATIC), a proof-of-stake blockchain that uses less energy than other rivals, matching with the sustainability commitments of Starbucks.
Related Link: Starbucks Q2 Earnings Brew: Revenue And Earnings Miss, Comps Jump 7% Globally, Accelerating Store Growth
Why It’s Important: Brewer said Starbucks is taking a different approach to Web3 and entering the space differently than other large companies by integrating its rewards ecosystem into the space.
“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,” Brewer said.
The announcement by Starbucks, which has been anticipated by many in the Web3 space, highlights the use of NFTs and also potential for metaverse experiences given the wording of digital communities.
“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.”
Brewer said “this is just the beginning,” suggesting that Starbucks could have additional future plans for its entry and position in the Web3 space.
MATIC, SBUX Price Action: Polygon is up 4% to $0.937 on Monday, versus a 52-week range of $0.3228 to $2.92.
Starbucks shares closed 0.43% higher on Monday to $89.07.
