Starbucks is shutting down its loyalty program that rewards participants with non-fungible tokens (NFTs) minted on the Polygon (MATIC) blockchain. The world’s largest coffeehouse chain rolled out the Starbucks Odyssey program for beta testing in December 2022. Members complete themed activities to earn NFTs called “Journey Stamps” and bonus points to access benefits and interactive […]
The post Coffee Giant Starbucks Announces Shutdown of NFT Rewards Program appeared first on The Daily Hodl.
Starbucks has said it will discontinue its Odyssey non-fungible token beta program and members “have until March 25, 2024, to complete any remaining journeys.” Starbucks stated on its FAQ page that it will keep its NFT community in mind and is working to find a place for its members to connect in the future. Starbucks […]
The crypto trading firm sees NFTs becoming more intertwined with brand IP, while Web3 apps with "real world utility" gain traction.
Despite an eventful year fraught with crypto collapses and price drops, Steven Goulden, a senior research analyst at crypto trading firm Cumberland has pointed to several “green shoots” to break the surface in crypto in 2023.
In a 14-page “Year in Review” report released on Dec. 24, Goulden said he saw four “emerging narratives” in 2023 that will lead to “significant progress” for crypto over the next six to 24 months.
These include non-fungible tokens (NFTs) becoming a “go-to method” of tokenizing a brand's intellectual property (IP), Web3 apps and games becoming “genuinely popular,” while Bitcoin (BTC) and Ether (ETH) could become more commonly used as a nation’s reserve asset.
In 2023, we anticipate that we’ll see meaningful green shoots break the surface in several key areas, which will pave the way for significant progress in the next 6-24 months. Hear from a senior research analyst on emerging narratives for 2023: https://t.co/8E0cZOp6Ta pic.twitter.com/rO1KKvxIdA
— Cumberland (@CumberlandSays) December 23, 2022
Goulden argued that while NFTs have until this point, been “largely been confined to the art space,” he believes the next step for NFTs will lie in the marrying of NFTs and a brand’s intellectual property.
The analyst noted that many non-Web3 companies are already making “significant progress” to monetize IP and improve customer engagement using NFTs.
Among those include Starkbucks partnership with Polygon to generate NFTs for Starbucks customers, and Nike’s launch of Swoosh, which enables users to design customized sneaker NFTs.
“Listening to these companies talk about Web3 initiatives, it’s clear they see digital engagement with customers and fans as a new aspect of the retail experience,” said Goulden.
He also noted that “selling NFTs to retail users has the potential to generate material, high-margin revenue.” Nike is a textbook example of that, having generated $200 million from digital sneakers alone. The analyst expects Polygon’s MATIC, LooksRare’s LOOK and 0xmon’s XMON token to lead the way on this front.
The Cumberland analyst also said that NFTs will become a “go-to method of tokenizing IP”, sharing that there is around $80 trillion of intangible assets that exists on corporate balance sheets today.
Goulden also sees the adoption of Web3 platforms providing “real world utility” starting to gain traction in 2023, acknowledging it has been “extremely challenging” to disrupt Web2 monopolies thus far:
“The reality is that it takes time to build and bootstrap projects like these, and so we anticipate material traction is probably 12+ months out, with serious user adoption probably 2-5 years away.”
Some “genuinely useful real world” platforms that Goulden highlighted included IT recruitment platform Braintrust, Internet of Things protocol Helium, GPU rendering service Render, global mapping project Hivemapper and ride sharing app Teleport.
The analyst was also optimistic about the Web3 gaming market, noting that there is around three billion gamers in the world, 200 million of which are “serious” — representing $200-300 billion in total addressable market.
“[...] yet these users usually don’t own in-game items and have little control or governance over these gaming ecosystems,” said Goulden.
Related: 5 cryptocurrencies to keep an eye on in 2023
Goulden says the play-to-earn aspects of blockchain-based gaming will lead to significant profitability for developers but added that because it takes “around 2-3 years to build a triple A (highest-quality blockbuster) game,” we probably won’t see a “Web3 game that becomes a star” until 2023 or 2024.
Finally, the research analyst suggested that close attention should be placed on BTC and ETH’s potential role as a reserve asset, particularly for nations focused on exports.
Goulden said many high-export nations around the world may choose to stock up its reserves with alternative assets such as cryptocurrency instead of U.S. treasury bills as a means to depress their own currencies against the U.S. Dollar.
“Even a small central bank allocation to BTC or ETH would be material and would likely lead to other exporting states following suit.”
US coffee giant Starbucks is launching the beta version of a new rewards program that allows members to earn and buy non-fungible tokens (NFTs) minted on the Polygon (MATIC) blockchain. In a recent statement, the world’s largest coffeehouse chain says that it is rolling out Starbucks Odyssey, a loyalty program for customers, employees, and partners […]
The post Starbucks Rolls Out Beta Testing on New Polygon-Powered NFT Rewards Program appeared first on The Daily Hodl.
Coffee giant Starbucks is teaming up with Polygon (MATIC) to give its loyalty program customers a chance to buy and earn collectible non-fungible token (NFT) stamps. Starbucks Coffee Company is turning to Polygon to launch the collectible digital stamps as part of its Web3 program called Starbucks Odyssey. The program will launch later this year, […]
The post Starbucks Chooses Polygon (MATIC) To Launch New NFT Community and Rewards Program appeared first on The Daily Hodl.
The nonfungible tokens, or NFTs, are minted on a proof-of-stake blockchain built by Polygon.
According to a new post on Monday, Starbucks says it will offer its U.S. members the ability to earn and buy digital collectible stamps in the form of nonfungible tokens, or NFTs. Dubbed "Starbucks Odyssey," each collectible digital stamp has its ownership verified on the blockchain and will include a point value based on its rarity. As more stamps are collected, members' points will increase, unlocking access to unique experiences.
The iconic coffee chain says that rewards range from receiving a virtual espresso martini-making class to accessing unique merchandise to exclusive events invites at Starbucks Reserve Roasteries and possibly trips to the Starbucks Hacienda Alsacia coffee farm in Costa Rica.
Members can earn NFTs by playing interactive coffee-themed games or taking on fun challenges on Starbucks Odyssey, which will be launched later this year. Users can also purchase the NFTs on the built-in marketplace without the need to connect their wallets or use any crypto.
All stamps will feature iconic Starbucks artwork co-created with Starbucks partners and outside artists. A portion of the proceeds from selling limited-edition stamps will be donated to support the creators' causes. The NFTs themselves are minted on a proof-of-stake blockchain created by Polygon. Regarding the development, Brady Brewer, vice president and chief marketing offic of Starbucks, said:
"We are entering the Web3 space differently than any other brand while deepening our members' connection to Starbucks. 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."
On September 12, the multinational chain of coffeehouses, Starbucks, announced the firm has partnered with the blockchain project Polygon and unveiled the company’s Web3 technology called Starbucks Odyssey. The Web3 platform Starbucks Odyssey will provide Starbucks rewards members and the company’s U.S. employees with the opportunity to earn non-fungible token (NFT) assets. Coffeehouse Company Announces […]
Coffee giant Starbucks is working on a new rewards program that involves branded digital collectibles for caffeine consumers. During the company’s Q3 earnings call on August 2nd, interim chief executive officer Howard Schultz hints that Starbucks is launching a Web 3-enabled initiative during its 2022 Investor Day event, which is set to happen in Seattle […]
The post Coffee Giant Starbucks Hints at Branded ‘Digital Collectibles’ in New Web 3 Customer Rewards Program appeared first on The Daily Hodl.
“This will create an entirely new set of digital network effects that will attract new customers and be accretive to existing customers in our core retail stores,” said interim CEO Howard Schultz.
Global coffee store franchise giant Starbucks is looking to launch a new Web3 rewards program to attract and retain customers, according to its interim CEO Howard Schultz.
Speaking during the firm’s fiscal Q3 earnings call on Tuesday, Schultz noted that Starbucks will soon reveal a new Web3 “digital initiative” that will expand upon the company’s loyalty program:
“This new digital Web 3-enabled initiative will allow us to build on the current Starbucks Rewards engagement model with its powerful spend-to-earn Stars approach while also introducing new methods of emotionally engaging customers.”
The CEO kept his cards close to his chest, but briefly mentioned during the call that the firm is looking at “integrating our digital Starbucks Rewards ecosystem with Starbucks-branded digital collectibles as both a reward and a community building element.” The full reveal is set to occur during Starbucks’ Investor Day on Sept. 13.
“This will create an entirely new set of digital network effects that will attract new customers and be accretive to existing customers in our core retail stores,” he said.
So @Starbucks wants to come into web3 well I just hit every popular drink and Starbucksmenu.eth pic.twitter.com/1c2wRbl02U
— Jay (@BitBoyJay) August 4, 2022
The company’s quarterly results reportedly beat analyst estimates, with a 9% quarter-over-quarter bump in global revenue to a record $8.2 billion.
During the call, Schultz also said that the Web3 move is part of a push to attract and retain the younger side of Starbucks’ customer base.
“We don’t want to be in a business where our customer base is aging and we have a less relevant situation with younger people,” he said, adding that the company has “never been, in our history, more relevant than we are today to Gen Z.”
do yₐ ₜᵢₙₖ wₑₙ @Starbucks gᵢₜ ₜₐ gₒbₗₑₙₜₒwₙ @molly_mccutch wᵢₗₗ cᵤₘ giₜ ₘₐₜcₕₐ wᵢₜ @goblintherapiss ? pic.twitter.com/KSIQvgjql0
— goblintown.wtf (@goblintown) August 4, 2022
Starbucks initially announced plans to jump on the nonfungible token (NFT) bandwagon back in April, as Schultz noted that “sometime before the end of the calendar year, we are going to be in the NFT business.”
Related: Canadian taco franchise uses NFTs for customer loyalty program
Starbucks may not be the only major brand to launch a Web3 loyalty program in the near future.
Last month business-to-business blockchain startup Hang raised $16 million in Series A funding led by Paradigm. The company is looking to help brands transition their current membership and loyalty programs over to the blockchain and incorporate NFTs.
The firm is reported to have beer manufacturer Budweiser, sports media outlet Bleacher Report and popular music festival groups Bonnaroo and Superfly as some of its early clients.
Starbucks customers can now pay for items with bitcoin by leveraging the Bakkt digital wallet application. Bakkt’s CEO, Gavin Michael explained that 500,000 users participated in testing before the launch, as the company says it looks forward to expanding crypto assets to everyone. You Can Now Pay for Goods at Starbucks With Bitcoin You can […]