Starbucks is Building a ‘Web 3 Experience’ Alongside Polygon

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Starbucks – the world-renowned espresso home chain – is taking its first steps into the world of net 3.

In partnership with Polygon, the corporate is constructing a blockchain-based loyalty program referred to as Starbucks Odyssey, permitting members to buy non-fungible tokens (NFTs) representing digital collectible stamps.

Starbucks to Integrate NFTs

As announced by Starbucks on Monday, the brand new program will probably be out there to members of the present Starbucks Rewards loyalty program, and all Starbucks workers within the United States.

The program offers members entry to a number of new experiences, together with merchandise, artist collaborations, and unique occasions. It will even supply interactive video games that problem contributors’ data about Starbucks and low whereas rewarding them with NFTs. 

NFTs are unique blockchain tokens that can be utilized to characterize real-life belongings or function collectibles in their very own proper. While previously serving merely as speculative photos on the web, NFTs are more and more offering holders with tangible/ intangible options and advantages. 

Each of Starbucks’ NFT stamps will embody a level worth representing their rarity and could be purchased/offered by members inside a specialised market. Each comes with paintings created by each Starbucks companions and out of doors events.

As the corporate defined, no cryptocurrency will probably be wanted to buy the NFTs – solely a bank card. Some of the proceeds from the NFT sale will probably be donated to particular causes chosen by Starbucks Rewards members. 

Customers can be part of the (*3*) for Starbucks Odyssey beginning on Monday.

Why Polygon?

In its announcement, Starbucks famous that it intentionally selected to make use of Polygon attributable to its alignment with the corporate’s sustainability commitments. Polygon makes use of a proof-of-stake consensus mechanism, which makes use of vastly much less vitality than first-generation blockchains like Bitcoin and Ethereum. 

“We took a very considerate and thorough strategy when evaluating which blockchain to make the most of and Polygon’s quick, low-cost, and carbon-neutral community is the right basis for our first digital group,” mentioned Ryan Butz – VP of loyalty, technique, and marketing at Starbucks.

Polygon co-founder Sandeep Nailwal added that Polygon is a “pure selection” for Starbucks, given each teams’ concentrate on “range, accessibility, and sustainability.”

Ethereum – at the moment probably the most energetic blockchain ecosystem – has used proof of labor since inception, however is set to transition to proof of stake later this week. Bitcoin has no plans for such a transition, which some business leaders assume can damage its consumer base and regulatory standing

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