Once upon a time, Starbucks introduced all of America to cappuccinos. Now the coffee behemoth wants to do the same for NFTs. In September, Starbucks announced the launch of Starbucks Odyssey—a new part of the Starbucks Rewards loyalty program that offers customers access to non-fungible tokens, or NFTs, and other digital goodies.
Before we get to the details, let’s take a trip through the fundamentals: NFTs are unique digital “tokens” that are bought, sold, and owned using blockchain technology. Those tokens can be anything that lives online—artwork, videos, music, a recording of you telling your dog he’s the very best boy—while blockchain is, according to Forbes, “a distributed digital ledger” that stores records of transactions involving, among other things, cryptocurrency and NFTs.
So what does this have to do with coffee? Starbucks Odyssey users, who log onto this platform via the Starbucks Rewards app, will enjoy “digital, physical and experiential benefits,” according to a news release. These benefits include interactive games and other activities intended to deepen customers’ relationship with and knowledge of coffee. Those who complete the “journeys” are rewarded with collectible NFT journey stamps.
Starbucks will also sell limited-edition stamps. The stamps, featuring artwork created by partnering artists, will include point values based on their rarity. The stamps can be bought and sold on the Odyssey marketplace. With enough points, users will have access to products and experiences like a virtual espresso martini–making class, special Starbucks merch, and even a trip to a coffee farm in Costa Rica.
In an attempt to make it easier for all to participate, purchases can be made with regular credit cards, no cryptocurrency needed.
TechCrunch notes that while some companies might be accused of digital tourism, if they attempted what Starbucks is doing here, Starbucks has a long history of using emerging technologies early and well—making them easy for customers to use, and in so doing, making it easy for customers to be more engaged with Starbucks. Starbucks installed Wi-Fi in its stores before it was commonplace at coffee shops, for example, and it invited customers to place online orders before COVID-19 made doing so the norm.
How long will we have to wait to buy our Starbucks NFTs and embark on our coffee journeys? The company has opened up a waitlist for Starbucks Odyssey—you can sign up at waitlist.starbucks.com—with plans to start sending invites later this year. Get in early, if you can, to participate in and even influence how this program develops. Starbucks says it will use feedback from these early users to “shape the future” of the platform.
Discussion Questions:
- Does it make sense for Starbucks to sell NFTs?
- What are other ways for companies to engage customers with blockchain technology?
- Do you have any expectations for how the platform might evolve and change, as people start using Starbucks Odyssey?
Sources: Sarah Perez, “Starbucks Details Its Blockchain-Based Loyalty Platform and NFT Community, Starbucks Odyssey,” TechCrunch, September 12, 2022; Matthew Stern, “Where Is Starbucks’ NFT Odyssey Heading?” RetailWire, September 16, 2022; “Starbucks Brewing Revolutionary Web3 Experience for Its Starbucks Rewards Members,” Starbucks Stories, September 12, 2022; David Rodeck and Benjamin Curry, “What Is Blockchain?” Forbes, April 28, 2022