Starbucks partners with Polygon to build their NFT

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Last Updated on September 13, 2022 by Bitfinsider

Starbucks will collaborate with the Ethereum second layer solution Polygon on their “Odyssey” non-fungible token (NFT) loyalty program. The initiative, which was announced more than 5 months ago, coincides with the return of the company’s founder, Howard Schultz, as CEO, as well as internal issues.

According to a Techcrunch report, the company’s Starbucks Rewards Loyalty program will be expanded with an NFT marketplace built on this blockchain platform.

Customers will thus have access to exclusive digital assets that will provide them with additional benefits. According to the report, Starbucks has given investors an early look at its new Polygon-based loyalty program, claiming that it will complement the current reward model, which has seen a lot of success.

The traditional program allows Starbucks customers to top it up with money and pay for their drinks while receiving free drinks and WiFi. This program debuted in 2008 and was updated in 2010 with the release of the company’s mobile app.

Brewer claims that their investment in NFTs is part of a strategy to improve their business model and expand their existing loyalty program. Furthermore, the company executive emphasized the potential for Polygon NFTs to foster communities and provide exclusive access to products.

According to the report, Starbucks users will need to log in to the web app with their current loyalty program credentials in order to access the Polygon NFT platform. Users will have access to specific activities that, when completed, will allow them to earn digital assets known as “journey stamps.”

Many legacy industries have adopted NFTs, but people have been hesitant to embrace them due to alleged environmental concerns. To avoid any potential backlash, Starbucks appears to be introducing the technology without explicitly informing its users.

Starbucks has yet to reveal the cost of their digital assets and other key details about the platform, which will launch later this year.

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