Starbucks has long referred to their physical stores as a âThird Placeâ, a place between home and work and now intends to create a new global digital space -a NFT community on Web3 defined by collaboration, experiences, and shared ownership. Launched in December 2022 in a closed beta testing, Starbucks Odyssey is an extension of the successful Starbucks Rewards system and offers its loyal customers unique benefits and immersive coffee experiences in exchange for âstampsâ earned through completion of quizzes and puzzles.Â
Vision
In a blog post, Brady Brewer, chief marketing officer of Starbucks talked about the long term potential of these technologies and how they wish to augment it with their core business. Starbucks Odyssey will transcend the foundational benefits that our Starbucks Rewards members have come to love, and unlock digital, physical and experiential benefits that are uniquely Starbucks,â continued Brewer. âWe are creating an accessible, digital Third Place community enabled by Web3 technology where members and our partners can connect through unique experiences and come together around the love for coffee,â said Brewer.
Overview
The collection of points and NFTs depends on completion of journeys, which includes playing interactive games or taking on fun challenges to deepen the userâs knowledge of coffee and Starbucks. They also will be directly linked to a consumerâs behavior in store. NFTs are disguised as âStampsâ and limited edition ones can be purchased through a built-in marketplace within the Starbucks Odyssey web app experience.This further simplifies the process for its users by reducing the need for a crypto wallet and makes the technology more accessible.
Collecting stamps will boost members’ points, and open doors to unique benefits and experiences, from virtual espresso martini-making classes, and special merchandise, to exclusive event invitations at Starbucks Reserve Roasteries. Currently, there are 3 points levels in the beta version of the program (1000 to 2999 points; 3000 to 5999 points; and 6000+ points). The NFTs will draw inspiration from Starbucks’ rich artistic heritage and fresh creations, the latter being further enriched by collaborations with outside artists and innovators.
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Blockchain Technology
Starbucksâ approach to blockchain technology can be classified as multi-chain or chain agnostic. However, the retailer has been committed to sustainability for years and plans to enter the metaverse with sustainable infrastructure and blockchain. It currently utilizes an energy efficient “proof-of-stake” blockchain technology built by Polygon, which uses significantly less energy than “proof-of-work” consensus blockchains.
Our history with loyalty, mobile payment, mobile ordering and Wi-Fi has taught us how to engage customers at scale to unlock opportunities,â Brewer and Brotman said in the blog post. âHere too, a Starbucks Digital Community Web3 platform has the potential to pioneer the combination of an approachable, widely accessible front-end, backed by the right blockchain technologies that are fast and inexpensive.âÂ
Phases
During the beta phase, Starbucks only released 4 free NFTs to the users who made it out of the waitlist. Only 5,000 copies of the Holiday Cheer Edition 1 stamp were made available. They were apparently given for free to the members who had completed enough competitions to meet the requirement, and had also bought a gift card as a holiday gift. These NFTs were sold on the secondary market for up to $1,000 a piece, despite being a free giveaway.
In March 2023, Starbucks Odyssey launched the limited edition âSiren Collectionâand contained 2000 stamps up for grabs. These NFTs were inspired by the brandâs iconic logo (super mermaid) and 5 different Siren âexpressionsâ that follow her âjourney from local Seattle celebrity to revered global icon.â âAs Starbucks has grown over the years, the Siren has been right there with us, adapting and evolving to reflect the brand and the culture,â the company said during the NFT drop. The launch of 2,000 Stamps priced at $100 was met with such high demand that it crashed parts of the Starbucks Odyssey website and the stamps were all sold out in under 20 minutes.
Following the success of the first limited edition, Starbucks Odyssey’s second NFT collection, termed âThe Starbucks First Store Collection ”, was launched in April 2023. Priced at $99, the collection consisted of 5,000 Stamps and drew inspiration from the chain’s first store in Pike Place Market in Seattle. As of August 2, 2023, Starbucks NFTs had a total floor market cap of $9.4 million and about 211,000 NFTs have been minted in total so far.
As METAV.RS, we have supported major brands, such as Michelin, Indosuez and Le Bristol, to launch their own NFTs and create engaging and lasting brand communities. METAV.RS is a whitelabel tech provider solution that is able to deploy NFT collection and efficiently manage the utilities for projects similar to Starbucks Odyssey. We can also integrate web-based 3D Immersive Showroom accessible in any device like laptop, smartphone, with no application needed to gamify the program.
Connect with us at https://metav.rs/contact/ if you also dream about launching your own NFT collection.
Read this before launching our collection:Â 4 key points for a branded NFT project in 2023
