Starbucks unveiled updates to its web3 initiative, including coffee-themed NFTs, at their Investor Day event. The company announced earlier this year its plans to enter the web3 space, noting its NFTs wouldn’t just serve as digital collectibles but would provide their owners with access to exclusive content and other perks. The initiative is hoping to allow Starbucks to build on its current rewards engagement model while introducing new methods of emotionally engaging customers.
Starbucks will be rolling out its non-fungible token (NFT)-based loyalty program with the blockchain technology provided by Polygon. Starbucks Odyssey will allow customers to purchase digital collectible stamps in NFT form that offer benefits and immersive experiences.
CEO Ryan Wyatt Tweeted that the program is to be built on Polygon’s Proof-of-Stake network. Applications that run on Polygon and other scalers can avoid some of the high costs and low transaction speeds caused by congestion on the Ethereum mainnet.
