Starbucks – the world-renowned espresso home chain – is taking its first steps into the world of net 3.
In partnership with Polygon, the corporate is constructing a blockchain-based loyalty program referred to as Starbucks Odyssey, permitting members to buy non-fungible tokens (NFTs) representing digital collectible stamps.
Starbucks to Combine NFTs
As introduced by Starbucks on Monday, the brand new program shall be obtainable to members of the present Starbucks Rewards loyalty program, and all Starbucks workers in america.
This system provides members entry to quite a lot of new experiences, together with merchandise, artist collaborations, and unique occasions. It is going to additionally supply interactive video games that problem contributors’ data about Starbucks and low whereas rewarding them with NFTs.
NFTs are distinctive blockchain tokens that can be utilized to signify real-life property or function collectibles in their very own proper. Whereas previously serving merely as speculative photos on the web, NFTs are more and more offering holders with tangible/ intangible options and advantages.
Every of Starbucks’ NFT stamps will embrace a degree worth representing their rarity and may be purchased/offered by members inside a specialised market. Every comes with paintings created by each Starbucks companions and out of doors events.
As the corporate defined, no cryptocurrency shall be wanted to buy the NFTs – solely a bank card. A number of the proceeds from the NFT sale shall be donated to particular causes chosen by Starbucks Rewards members.
Clients can be a part of the waitlist for Starbucks Odyssey beginning on Monday.
In its announcement, Starbucks famous that it intentionally selected to make use of Polygon resulting from its alignment with the corporate’s sustainability commitments. Polygon makes use of a proof-of-stake consensus mechanism, which makes use of vastly much less power than first-generation blockchains like Bitcoin and Ethereum.
“We took a really considerate and thorough strategy when evaluating which blockchain to make the most of and Polygon’s quick, low-cost, and carbon-neutral community is the proper basis for our first digital group,” mentioned Ryan Butz – VP of loyalty, technique, and advertising and marketing at Starbucks.
Polygon co-founder Sandeep Nailwal added that Polygon is a “pure alternative” for Starbucks, given each teams’ deal with “range, accessibility, and sustainability.”
Ethereum – at the moment essentially the most lively blockchain ecosystem – has used proof of labor since inception, however is about to transition to proof of stake later this week. Bitcoin has no plans for such a transition, which some business leaders suppose can damage its person base and regulatory standing.