Starbucks leads the way in Web3, launches NFT rewards program
- Starbucks embraced NFTs and Web3 ahead of most corporates and competitors through rewards program.
- Starbucks Odyssey is an optional, additional rewards program building on the existing program with complementary products.
- NFT monthly sales nearly doubled in September 2022, as more giants follow in Starbucks’ footsteps.
Starbucks recently introduced an NFT-based loyalty program on top of its existing rewards program. The giant aims at including Web3-savvy individuals and making strides in the metaverse to sell complementary products.
Also read: Why Joe Biden is speeding up crypto regulation in the US
Starbucks Odyssey to the center of the metaverse
Starbucks International, an American multinational coffee-chain has ventured into the metaverse with its Odyssey. The Starbucks Odyssey is an NFT-based loyalty rewards program for the coffee-chain’s largest customer segment, millennials between the ages of 25 to 40.
For Starbucks, 50% of their business comes from millennials and the latest trend in the generation is Web3 and the metaverse. The brand has therefore decided to embrace the needs of a growing base of customers, through its first step into the metaverse.
The coffee-chain giant’s announcement indicates that Starbucks will use a top-tier user interface. Starbucks has partnered with Forum3, a Web3 loyalty startup. Prior to the NFT rewards project, Forum3 led the design of Starbucks’ mobile order and pay system. Experts believe Forum3 will ensure a seamless experience for customers opting in to Starbucks Odyssey.
Brady Brewer, Executive Vice President and Chief Marketing Officer was quoted as saying,
It (Starbucks Odyssey) happens to be built on blockchain and Web3 technologies, but the customer – to be honest – may very well not even know that what they’re doing is interacting with blockchain technology.
NFTs take center stage as sales volume doubles
The NFT market produced nearly $950 million in trade volume in September 2022. Based on data from DappRadar, this number has increased since August. Sales of NFTs on the Solana blockchain has doubled with DeGods, Okay Bears and Blocksmith Labs NFTs. The success of y00ts and ABC, two leading NFT projects on Solana has resulted in nearly double sales on the Solana blockchain.
As more corporate giants and brands follow the footsteps of Starbucks, this trend is likely to catch on and drive higher NFT adoption across the board.
Author
Ekta Mourya
FXStreet
Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.
