News of the Starbucks Odyssey Beta has arrived. The Starbucks chain goes web3 with its new loyalty program that could be another breakthrough in NFT web3 utility. Starbucks will utilize the blockchain technology built by Polygon.
How will it work?
First off, Odyssey is not meant to replace the current Starbucks app. As Starbucks is engaging customers in immersive experiences and is rewarding consumers for learning about the brand instead of a traditional cash back rewards system.
The rewards and points earned through the Starbucks loyalty program will be stored as non-fungible tokens – NFTs with embedded metadata. These NFTs can be bought, sold, and traded on a decentralized marketplace, and as they are traded, the user’s score will be updated in real-time.
Additionally, there will be airdropped rewards for members who reach certain levels within the program. By using blockchain technology, the Odyssey loyalty program is able to easily collaborate with other brands and artists within the system and operate on public rails.
Why use blockchain?
The use of blockchain technology in the Starbucks loyalty program provides benefits such as increased security, transparency, and the ability to create a decentralized marketplace for trading and exchanging rewards and points. This can help create a more engaging and dynamic loyalty program for Starbucks customers.
What is Polygon?
Polygon (formerly known as Matic Network) is a decentralized platform that offers scalable and secure infrastructure for building and running decentralized applications (dApps). It uses a network of side chains to take some of the transaction load off of the main Ethereum blockchain, allowing for faster and cheaper transactions.