GM, and welcome to The Mint!
On December 8th, Starbucks launched a beta of Odyssey, the long-awaited NFT extension to their rewards program. Members on the waitlist and Starbucks are the first to access the program with a full release slated for early 2023.
This is big news even if you don't frequent Starbucks. The Mint staff thinks that Odyssey will change the way that you interact with loyalty programs across every industry, especially in hospitality.
Starbucks Current Program
There are Starbucks fans, and then there are Starbucks FANS.
True fans use the Starbucks loyalty program for the sole purpose of earning "stars", a.k.a., the currency that allows you to get free drinks and other products. One of the many reasons for the success of the program is that it doubles the stars you earn from drinks purchased through your app instead of using a card or cash.
And when we say success, we mean INSANE success. They've reported that their app/associated loyalty program is responsible for 30% of their annual sales. For a multi-billion-dollar company, that percentage represents billions of dollars.
Expanding its existing loyalty program has been on Starbucks' to-do list for a long time, but until web3 and NFT technology came along, there wasn't really a way to do it.
With the advent of this tech, Starbucks has created and launched Odyssey, "a series of entertaining, interactive activities to earn collectible ‘Journey Stamps’ (NFTs) and Odyssey Points that will unlock access to exciting new benefits and experiences."
Things you can do →
Go on virtual tours of Starbucks coffee farms
Trivia about Starbucks heritage
(check out the video for a glimpse of what it'll look like)
Today was a special day for web3 adoption.
As they have in the past, @Starbucks is pioneering new technology and next-gen loyalty.
I’m super proud to be part of the team and set of partners that helped bring this to life.
Here’s a peak inside the Starbucks Odyssey Beta.
— bunchu.eth (@BunchuBets)
Dec 9, 2022
What you can earn →
‘Journey Stamps’ (Polygon-based NFTs that are collectible and tradable)
Bonus Points towards their overall Point total
Starbucks is working with Polygon and Nifty Gateway on the project.
Predictions from John
We've been talking about this Starbucks project quite a bit here at The Mint, but that's because we really think it's a huge deal. It also is the topic we care most about here - the intersection of brands and NFTs.
Starbucks is a technology company disguised as a coffee company. They have continually been at the forefront of adopting new tech and have built deeper and tighter relationships with their company through technology (ie. mobile app, gift cards, rewards program, and now NFTs).
We believe that Odyssey is a great example of how a brand can implement blockchain technology without scaring or intimidating customers who don't know what NFTs are.
They'll use normal language and an incredible user experience to onboard millions into the world of digital collectibles. We have no doubt that other Fortune 500 brands will follow Starbucks' lead and forge similar paths toward NFTs. It will be fascinating to watch other brands step into Web3 in 2023.
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