Starbucks selects Polygon to host new NFT-based loyalty program

Starbucks selects Polygon to host new NFT-based loyalty program


Editor’s Note: With so much market volatility out there, stay tuned for the daily news! Immerse yourself in minutes with our quick summary of today’s news and must-read expert opinions. Register here!

(Kitco News) – Starbucks (SBUX) is the latest company to indicate it’s entering the non-fungible tokens (NFT) game with the launch of an NFT-based loyalty program that will use Polygon’s proof-of-stake network in business.

The new program is called Starbucks Odyssey and is describe it As an experience powered by Web3 it will allow Starbucks Rewards loyalty program members and Starbucks partners (employees) in the United States to earn or purchase collectible digital stamps in NFT format.

The company first hinted at developing its own unique Web3 experience in May when it announced plans to launch several NFT suites that provide “unique experiences, community building and customer engagement.”

based on a Report From TechCrunch published on Monday, users will go on “journeys” that include playing interactive games or taking on challenges designed to provide deeper education about the Starbucks brand and coffee. Successful completion of the flight will earn the user an NFT called a ‘flight stamp’.

Starbucks chose Polygon (MATIC) for its ability to offer high-speed transactions at low cost, all while operating on top of the Ethereum (ETH) network. The scaling solution has committed to becoming carbon negative by the end of 2022, and Ethereum Merge will further help achieve this goal by reducing Polygon’s carbon footprint by 99.91%.

“Polygon is a natural choice for Starbucks as both companies place great importance on diversity, accessibility and sustainability,” said Polygon co-founder Sandeep Nailwal. “As a leading provider of infrastructure that enables people and technology to collaborate and share value globally and freely, Polygon provides the ideal launch platform for Starbucks’ entry into Web3.”


SEC will set up a Crypto Asset Office to review crypto filings

According to the announcement, the implementation of Web3 technology will open new ways for Starbucks to interact with loyalty program members by “unlocking access to immersive coffee experiences from unique merchandise and technical collaboration to invitations to exclusive events.”

Ryan Putz, Vice President of Loyalty, Strategy and Marketing at Starbucks, noted that the organization chose Polygon for its ability to process transactions at a high rate at low costs, while also alleviating environmental concerns.

“Building a Starbucks Odyssey using technology that aligns with our aspirations and commitments related to sustainability is a top priority. We have taken a very thoughtful and comprehensive approach when evaluating which blockchain to use and Polygon’s fast, low-cost, carbon-neutral network is the ideal foundation for our first digital society,” said Putz.

The Starbucks Odyssey queue opened on September 12 ahead of the platform’s full launch later in 2022.

Disclaimer: The opinions expressed in this article are those of the author and may not reflect the views of Kitco Metals Inc. The author has made every effort to ensure the accuracy of the information provided; However, Kitco Metals Inc. cannot. Nor does the author guarantee this accuracy. This article is for informational purposes only. It is not a solicitation to conduct any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. does not accept The author of this article will be liable for losses and/or damages arising from the use of this publication.



Source link

Leave a Comment