Starbucks is expanding its loyalty program—in addition to offering NFTs, it is also creating opportunities for customers in the Metaverse.
Key Details
- Starbucks recently announced that it will soon launch Starbucks Odyssey within its loyalty program.
- Starbucks Odyssey is blockchain-powered and will give members and employees the ability to buy and earn non-fungible tokens (NFT) without using cryptocurrency, according to Axios.
- With Starbucks Odyssey the company is trying to bond with its loyal members and get more insight on what is good for the company.
Why it’s important
Starbucks could be changing the game with this new tech. If all goes well and the company accomplishes what they are expecting, this could be a game changer for community engagement.
“Our vision is to create a place where our digital community can come together over coffee, engage in immersive experiences, and celebrate the heritage and future of Starbucks,” says Starbucks chief marketing officer Brady Brewer.
The program will be an extension of Starbucks Rewards where members can complete “journeys” and other games to “to deepen their knowledge of coffee and Starbucks,” with the help of secure Web3 technology.
When members complete the tasks they will be rewarded with NFTs, which Starbucks is referring to as digital collectible stamps. The stamps will also be available to purchase through the app.
The Metaverse is the perfect place to interact with customers. Starbucks will be able to get crucial customer insights by engaging with the blockchain tech.
“As Starbucks Odyssey evolves, the company will continue to gather feedback from members and Starbucks partners, which will help shape the future of this innovative, new experience for Starbucks Rewards,” the company said in its press release.
The program isn’t set to launch until later this year, but members can sign up for a waitlist.
How it aligns with company goals
Starbucks has always referred to the company as the “third place”. The third place is the spot between work and home. In the third place the company wants people to feel the warmth of connection over coffee, community and belonging.
By taking the company to the Metaverse, Starbucks is bringing the “third place” connection to the digital world.
“This is just the beginning; Starbucks Odyssey is one of the ways we are reinventing the third place to meet our customers wherever they are—in a Starbucks store, on-the-go, or online. We are creating an accessible, digital Third Place community enabled by Web3 technology where Starbucks Rewards members and our partners can connect through unique experiences and come together around the love for coffee,” says Brewer.
Backing up a bit
NFTs first became popular in the last few years. Each NFT is unique and can represent any digital asset on a blockchain making it scarce, provable, and valuable. Bitcoin, on the other hand, is a fungible token, meaning they are all the same. You trade a bitcoin for another bitcoin and you have the exact same thing. Each NFT is different, and the technology that makes an item distinct from any other item is also helping to protect valuables such as art, wine, and jewelry against forgery.
