According to the announcement, the new loyalty program combines its existing rewards program and a non-fungible token platform where users can earn and buy NFTs that give them access to exclusive rewards.
While built on the blockchain, Starbucks makes the reward system as simple as possible by obscuring the underlying technology.
The Starbucks Odyssey participants can log into the program with their loyalty program details. They can engage in interactive activities called journeys and earn NFTs called Journey stamps.
Also, the coffee chain revealed that users could buy these NFTs with debit and credit cards.
The firm did not provide information on the number of NFTs in the collection or the price of each NFT.
Starbucks’ NFT plan has been in the works for a while
The company has been working on its foray into web3 for some time. In its Q2 earnings call, Chief Marketing Officer Brady Brewer said:
“Emerging technologies associated with web3, and specifically NFTs, now enable this aspiration and allow us to extend who Starbucks has always been at our core.”
The firm added that its NFT community would be on an environmentally sustainable platform which would likely be chain agnostic or multichain.
Polygon is helping web2 companies pivot to web3
Several web2 companies looking to pivot into the web3 have increasingly chosen Polygon network as their partner of choice,
This year alone, Coca-Cola, Adidas, Prada, Bulgari, DraftKings, Liverpool Football Club, and several others have launched NFT collections on the layer-2 network.
Technology companies like Adobe and Meta have also integrated support for Polygon in one way or another. Polygon is one of the networks supported for NFTs on Instagram and Facebook, and Adobe integrated the network into its portfolio app, Behance.
Applications running on Polygon bypass the high transaction fees and scalability issues battling the Ethereum mainnet.
Polygon’s MATIC rose 3.5% to $0.9 in the last 24 hours.