This partnership would enable Starbucks to create a new loyalty Program by allowing customers to earn and acquire digital collectible stamps in the form of Non-Fungible Tokens (NFT).
The American multinational chain of coffeehouses Starbucks has reportedly sealed a partnership deal with polygon decentralized scaling protocol. “Guess what’s brewing today? Starbucks unveils Starbucks Odyssey on Polygon! A unique experience that enables you to earn and buy digital collectible stamps and unlock new, coveted coffee experiences,” announced Polygon.
This partnership would enable Starbucks to create a new loyalty Program by allowing customers to earn and acquire digital collectible stamps in the form of Non-Fungible Tokens (NFT).
The program has been designed to get participants involved in interactive games or take challenges in a bid to transfer in-depth knowledge about the Starbucks brand. This experience is called “Journeys” and would give members and partners access to “immersive coffee experiences: from unique merchandise and artist collaborations to invitations to exclusive events.”
Those who complete the journey will earn NFTs dubbed “journey stamps.” The experience is expected to be launched later this year, but partners and customers can join the waitlist for Monday.
Sandeep Nailwal, co-founder of Polygon believes that Polygon was selected for this partnership due to its ability to provide the ideal launchpad for Web3 entry.
“As a leading infrastructure provider enabling people and technology to collaborate and exchange value globally and freely, Polygon provides the ideal launchpad for Starbucks’ entry into Web3,” said Nailwal.
Polygon uses the Proof-of-Stake consensus mechanism on the Ethereum network so that developers can build scalable and user-friendly decentralized applications that have low transaction costs. In April, billionaire entrepreneur and CEO of Starbucks, Howard Schultz, hinted that Starbucks would enter the world of NFTs before the end of the year, and this development is a confirmation.
“If you look at the companies, the brands, the celebrities, the influencers that are trying to create a digital NFT platform and business, I can’t find one of them that has the treasure trove of assets that Starbucks has from collectibles to the entire heritage of the company,” said Schultz.
During the announcement, the CEO stated that the company has years of tradition and history. With respect to this, it can create one of the largest NFT marketplaces in the world if it sets its mind to it.
Excellent John K. Kumi is a cryptocurrency and fintech enthusiast, operations manager of a fintech platform, writer, researcher, and a huge fan of creative writing. With an Economics background, he finds much interest in the invisible factors that causes price change in anything measured with valuation. He has been in the crypto/blockchain space in the last five (5) years. He mostly watches football highlights and movies in his free time.
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