☕️ How it Works: Starbucks Odyssey
Explaining Starbuck's venture into blockchain
Today's Highlights
- Adapting blockchain in the coffee business
- Today's Infographic
- In Other News - a few interesting developments we're tracking.
Adapting blockchain in the coffee business
Starbucks is one of the most, if not the most, popular coffee chains worldwide. Millions of customers start their day off there, and many even spend their day doing their work from there as well. Now, Starbucks decided to venture into the Web3 world by announcing Starbucks Odyssey, a blockchain-based experience that will allow Starbucks Rewards members and Starbucks employees in the US to earn and purchase collectible digital assets for their benefit.
Starbucks has been working on this project for the last 6 months, and the company wants to make sure that it really invests in blockchain and will use the technology in a way that can potentially enhance the business and its loyalty program.
Starbucks Odyssey is an extension of the already existing rewards program. Rewards members can just log in to the program using their regular credentials, and once they’re logged in, they can participate in a series of activities known as “Journeys.” It is meant to be fun and educate the members about the history of coffee and Starbucks. Members will then receive a digital stamp collectible known as a “Journey Stamp.”
There is also a marketplace in the web app where users can purchase limited-edition stamps. A unique feature is that no cryptocurrency will be required to purchase stamps in the marketplace. Only a credit card is necessary. All stamps are also assigned a point value based on rarity, and as a member racks up points, they can unlock new benefits such as access to unique merchandise, a trip to a Starbucks coffee farm in Costa Rica, etc.
Starbuck’s foray into Web3 is an exciting, but unsurprising move. Starbucks has always been quick with adopting emerging technology such as when they introduced WiFi in their shops many years ago, and when they started taking contactless payments before Apple Pay was even a thing.
🧐 Today's Infographic
In Other News
Tracy Wang and Ian Allison
