Starbucks goes Web3, or the biggest innovation in loyalty in 20 years ☕️; The largest crypto deal in history just got canceled 🤯; This is where investors see the Web3 opportunity 💸
FinTech is Eating the World, 14 September
Good evening Everyone,
And Happy Wednesday! Today’s issue is coming late but it’s definitely worth the wait. Today we’re looking into Starbucks’ odyssey into Web (& why it’s the biggest innovation in loyalty in 20 years + a pivotal moment for Web3), the largest crypto deal in history that just got canceled (it’s becoming a trend!), and where investors see the Web3 opportunity (you can’t ignore this!). Let’s jump straight into the hot stuff:
Starbucks goes Web3, or the biggest innovation in loyalty in 20 years ☕️
The launch 🚀 Coffee chain giant Starbucks SBUX 0.00%↑ wants to spark even more loyalty by taking its app-based program to the next level with Web3 and non-fungible tokens.
The NFTs will let rewards program participants and employees in the United States earn and purchase what Starbucks referred to in the announcement as “digital collectable assets.” Those assets, the company continued, “will unlock access to new benefits and immersive coffee experiences.”
More on this 👉 Unlike many rewards programs, the Starbucks Odyssey, a platform using Polygon, an Ethereum network, will connect users to the company and also to each other through an online community.
Participants will log in online using their Starbucks credentials and take part in what the company calls “journeys.” The journeys will include experiences such as games or competitions based on coffee knowledge. Completing a journey will earn a user an NFT “stamp.”
Those stamps will include points of value that are based on the rarity of the associated stamp. Those stamps will be redeemable for special Starbucks offerings such as drink-making classes or works from artists.
Why is this important? 🤔 This Starbucks’ odyssey into NFTs is the biggest innovation in loyalty and it could be the pivotal moment for Web3 adoption. Here’s the takeaway: