Retail coffee chain Starbucks (SBUX) has officially launched its new blockchain-based loyalty rewards program called “Starbucks Odyssey.”
The Seattle-based company said the new blockchain program represents its first foray into building Web3 technologies.
The Starbucks Odyssey program combines the company’s already established Starbucks Rewards loyalty offering with a non-fungible token (NFT) platform, allowing its customers to earn and purchase digital assets that unlock exclusive experiences and rewards.
The standard Starbucks Rewards program enables customers to earn ‘stars’ that can be redeemed for rewards such as free drinks. The company plans for Starbucks Odyssey to reward its most loyal customers with a broader set of rewards that include NFTs.
Year-to-date, Starbucks stock is down 24% and trading at $88.69 U.S. per share.
To interact with the Starbucks Odyssey program, rewards plan members log into the web app using their existing loyalty program credentials. Once there, people can engage with various activities such as playing interactive games or participating in challenges designed to deepen their knowledge of the Starbucks brand or coffee.
As they complete these activities, members can earn digital collectibles in the form of NFTs. Starbucks Odyssey calls its NFT rewards “journey stamps.”
Additionally, a set of limited-edition NFTs will be available to purchase in the Starbucks Odyssey web app, which also works on mobile devices. The NFTs can be bought using a credit or debit card. A cryptocurrency wallet is not required.
Starbucks has not said what its NFTs cost or how many are available for purchase.
