Starbucks leads the way in Web3, launches NFT rewards program

• Starbucks embraced NFTs and Web3 ahead of most companies and competitors through rewards program.
• Starbucks Odyssey is an optional, additional rewards program that builds on the existing program with complementary products.
• NFT’s monthly sales nearly doubled in September 2022, as more giants follow in Starbucks’ footsteps.

Starbucks recently introduced an NFT-based loyalty program on top of its existing rewards program. The giant aims to include Web3-savvy individuals and make progress in the metaverse to sell complementary products.

Also read: Why Joe Biden is speeding up crypto regulation in the US

Starbucks Odyssey to the Center of the Metaverse

Starbucks International, an American multinational coffee chain has ventured into the metaverse with its Odyssey. Starbucks Odyssey is an NFT-based loyalty reward program for the coffee chain’s largest customer segment, millennials between the ages of 25 and 40.

For Starbucks, 50% of their business comes from millennials and the latest trend of the generation is Web3 and metaverse. The brand has therefore decided to embrace the needs of a growing base of customers, through its first step into the metaverse.

The coffee chain giant’s announcement indicates that Starbucks will use a top-tier user interface. Starbucks has partnered with Forum3, a Web3 loyalty startup. Prior to the NFT reward project, Forum3 led the design of Starbucks’ mobile ordering and payment system. Experts believe Forum3 will ensure a seamless experience for customers who choose Starbucks Odyssey.

Brady Brewer, Executive Vice President and Chief Marketing Officer was quoted as saying:

It (Starbucks Odyssey) happens to be built on blockchain and Web3 technologies, but the customer – to be honest – may not even know that what they are doing is interacting with blockchain technology.

NFTs take center stage when sales volume doubles

The NFT market produced nearly $950 million in trading volume in September 2022. Based on data from DappRadar, this figure has been increasing since August. Sales of NFTs on the Solana blockchain have doubled with DeGods, Okay Bears and Blocksmith Labs NFTs. The success of y00ts and ABC, two leading NFT projects on Solana, has resulted in almost double sales on the Solana blockchain.

As more corporate giants and brands follow in the footsteps of Starbucks, this trend is likely to catch on and drive higher NFT adoption across the board.