Where is Starbucks NFT Odyssey headed?

Where is Starbucks NFT Odyssey headed?


September 16, 2022

Starbucks is revamping its loyalty program and running the NFT platform into the mix, though it doesn’t use that acronym to describe its digital art offerings.

Starbucks recently announce Its new digital community called Starbucks Odyssey, which will launch later this year, according to Take Crunch. Users will be able to log in with their Loyalty App credentials, and then participate in games and challenges referred to within the App as “Trips”.

Visitors who successfully achieve goals and complete trips will be rewarded with NFTs (which can also be purchased and traded in the market). Digital collectibles will be referred to as “flight stamps” within the platform.

Visitors will also be able to unlock benefits by collecting stamps. Starbucks envisions the perks as greater than the free drinks and food typical of loyalty programs. Expected rewards include access to chapters, unique merchandise or, at the higher end, invitations to exclusive and even international events. The highest score rewards are expected to go to those who purchase the most expensive NFTs, but access to the lower levels will be to those who earn their in-app stamps.

A number of retailers and brands are beginning to experiment with “Web 3” technologies such as NFTs.

paxson Late last year she showed her first collection and this year followed this with two series of “Mall Rats” NFTs, which depict cartoon mice wearing Pacsun products. One of the sets of Mall Rats was done jointly with Reebok.

And the nike He went so far as to acquire an NFT creativity studio called RTFKT (pronounced “artifact”), which established itself to sell virtual sneakers made in collaboration with artists for tens of thousands of dollars.

But NFTs have also proven controversial for a number of reasons. In the art collecting world, some have become skeptical about whether “owning” an NFT can really be compared to owning an original piece of art.

The amount of power required to instrument NFTs has also raised environmental concerns. The UK chapter of the World Wildlife Foundation has come under fire from environmentalists for launching the NFT line, which it quickly canceled due to the backlash, Climate Change News mentioned. The cancellation caused an adverse reaction from NFT collectors.

Discussion Questions: Do you think Starbucks’ implementation of NFTs is worth the company’s investment in light of the technology controversy? What other ways might a retailer use Web 3 technology to improve their loyalty program?

Bryantist

“I would have preferred to see them use ‘Web3’ to do some good in the communities where their coffee is sourced.”

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