Digital Assets: Starbucks Unveils ‘Odyssey,’ A New Web3 Application, With Polygon

September 12, 2022 | Digital Assets, Latest News, News

Starbucks’ new program, in partnership with blockchain project Polygon, offers non-fungible token (NFT) assets as rewards to members and employees.

Starbucks Odyssey is a rewards program that will combine the digital technologies of the blockchain, NFTs, and Web3. Global coffee chain Starbucks (NASDAQ: SBUX) and Polygon “will offer Starbucks Rewards members and Starbucks partners (employees) in the United States the opportunity to earn and purchase digital collectible assets that will unlock access to new benefits and immersive coffee experiences,” said an announcement.

Starbucks will utilize a “proof-of-stake” blockchain technology built by Polygon, which uses less energy than first generation “proof-of-work” blockchains.

Starbucks customers and employees can sign up for the program on a waitlist that opens on September 12.

How it works

Members can log in to Odyssey using their Starbucks Rewards login credentials.

“Once logged in, members can engage in Starbucks Odyssey ‘journeys,’ a series of activities, such as playing interactive games or taking on fun challenges to deepen their knowledge of coffee and Starbucks. Members will be rewarded for completing journeys with a digital collectable ‘journey stamp’ (NFT),” said Starbucks.

Odyssey will also feature an inbuilt NFT marketplace where members can purchase ‘limited-edition stamps’ (NFTs), with no requirement of a crypto wallet or cryptocurrency.

Each digital collectable stamp will include a point value based on its rarity, and the stamps can be bought or sold among members within the marketplace, with ownership secured on a blockchain.

All stamps will feature iconic Starbucks artwork co-created with Starbucks employees as well as outside artists – giving members and employees access to these treasured assets for the first time.

As stamps are collected, members’ points will increase, unlocking access to unique benefits and experiences.

“By integrating into the Starbucks Rewards ecosystem and grounding the experience in coffee, connection and community, we are entering the Web3 space differently than any other brand, while deepening our members’ connection to Starbucks,” said Brady Brewer, Starbucks executive vice president and chief marketing officer.

“We took a very thoughtful and thorough approach when evaluating which blockchain to utilize and Polygon’s fast, low-cost, and carbon-neutral network is the perfect foundation for our first digital community,” said Ryan Butz, vp of loyalty, strategy and marketing for Starbucks.

Related Story: Gucci To Soon Accept More Than 10 Cryptocurrencies At Five Select US Stores

Free Industry News

Subscribe to our free newsletter for updates and news about alternatives investments.

  • This field is for validation purposes and should be left unchanged.


Latest Alternative Investment News©ParisTsitsosforLivinFarms-scaled.jpg
Venture Capital: LIVIN Farms, A Provider Of Bugs On Subscription, Raises €6M Series A

LIVIN Farms, an industrial technology provider in the alternative protein industry, has developed HIVE PRO, a fully automated process that allows waste management companies and large scale food producers to…
Digital Assets: Sam Bankman-Fried’s FTX US Wins Auction For Voyager Digital’s Bankruptcy Assets With $1.4B Bid
September 28, 2022     Digital Assets, News

West Realm Shires Inc., dba FTX US, has won the bankruptcy auction for the assets of Voyager Digital with a bid of about $1.422 billion. It was held to be…
Artificial Intelligence: Clearview Nabs Patent For Technology That Creates Bias-Free Algorithms

Clearview AI announced its win of the “Scalable Training Data Preparation Pipeline And Efficient Distributed Trainer For Deep Neural Networks In Facial Recognition” patent (U.S. Patent No. 11,443,553) issued by…
Alternative Investments/ESG: The Newday Sustainable Development Equity ETF

Newday offers portfolios addressing the world’s most pressing environmental and social issues including climate action, ocean health, clean water, diversity, equity and inclusion, wildlife conservation and animal welfare, and stakeholder…