Starbucks showcased their new loyalty reward program, Starbucks Odyssey in their Investor Day 2022 event. In the same announcement they have also mentioned that the system would be rolled out later this year.
The coffee giant has previously revealed some details about their future Web3 project in August. This project will mark the beginning of their Web3 adventure. Starbucks Odyssey will merge the already existing Starbucks Rewards program with an NFT platform on the Polygon blockchain. This system will allow users to be able to either earn or purchase NFTs that entitle the holders to rewards and exclusive experiences.
Introducing Starbucks Odyssey, a new experience that will offer the ability to earn & buy digital collectibles (NFTs) that will unlock access to new coffee experiences. Join the waitlist to be among the first to explore Odyssey. https://t.co/Kze11sab1D
— Starbucks News (@StarbucksNews) September 12, 2022
Last time Starbucks CEO Howard Schultz mentioned their Web3 project, he talked about how they saw this project as an opportunity to build up on their Starbucks Rewards program. Starbucks Rewards allowed customers to gain and spend “stars” in exchange for free drinks.
Starbucks Odyssey wants to take things up a notch and provide their customers with bigger and better rewards. Another thing that the new platform wants to achieve is to build a community through the system. The customers will be able to access the new platform with their already existing Rewards accounts once it launches.
Starbucks Odyssey Will Include NFT Trading
The new loyalty system will have a limited edition NFT available for purchase on launch of its web app that also works on mobile. The mentioned NFTs will be on the Polygon blockchain but as Starbucks mentioned that they want them to be more easily accessible by their customers, the NFTs will be purchasable with a credit or debit card.
Starbucks’ idea is that no crypto wallet being needed gets rid of one of the biggest hurdles that stands between the general consumer and Web3.
The company said the pricing for these limited NFTs were still being discussed internally and that they will be announced on a later date.
The company also announced that they have launched a waitlist (waitlist.starbucks.com) for those who want to be first out of the gate.
Starbucks has enjoyed using up and coming technologies in the past, and this case is no exception. Reportedly, they have been researching and preparing for this new venture for a while now.
The release of the platform within the year is sure to be an interesting progress in implementing NFTs and other possible assets to a loyalty system.