Starbucks Will Inspire Corporate America To Join Web3

TL;DR

• Starbucks’ ‘Odyssey’ loyalty rewards app is already proving its Web3 integrated model to the outside world.

• Only issue is: as of right now, only a small handful of loyal customers have been allowed into the program. But that might be about to change…

• Starbucks sent an email to Odyssey beta testers on Monday, with the subject line, “We’re Getting Closer,” suggesting an upcoming public rollout.

• Turns out Starbucks customers love to collect. In fact, there’s already a decent market built around trading collectible Starbucks cups!

• If/when the company proves this ‘digital collectible’ model at scale, others will want to follow – fast.

Full Story

Need more of those sweet sweet stories of Web3 success, to get you through the tail end of this bear market?

Say no more.

We’ve pointed to Starbucks’ successful entry into Web3 multiple times. The company’s ‘Odyssey’ loyalty rewards app is already proving its Web3 integrated model to the outside world.

(Basically: you buy coffee from Starbucks → you earn NFTs on the app).

The main ‘woah, that’s crazy’ story that we’ve covered in the past is the fact that someone sold their ‘Holiday Cheer’ collectible for $2k.

(Wild!)

Only issue is: as of right now, only a small handful of loyal customers have been allowed into the program.

But that might be about to change…

Starbucks sent an email to Odyssey beta testers on Monday, with the subject line, “We’re Getting Closer,” suggesting an upcoming public rollout.

And if you’re hearing about this for the first time, wondering to yourself: ‘Are Starbucks customers really going to be interested in digital collectibles??’

We had the exact same thought (at least, initially).

Turns out Starbucks customers love to collect. In fact, there’s already a decent market built around trading collectible Starbucks cups!

And that enthusiasm has translated into the digital realm, with the company reporting “unprecedented demand” for the Odyssey app.

Now, considering that:

1. Starbucks already has 50M users on their existing mobile order app.

2. It released an NFT collection in March, separate to the Odyssey app collectibles, that sold out at $100 a piece (now averaging $690).

Our spidey-senses are telling us that they’ll be able to generate enough demand to bring new users into the Odyssey program, at scale.

The resulting flywheel?

The more users there are earning NFTs → the more NFTs will be traded → the more NFTs are traded → the more royalties Starbucks will earn.

All for something that cost them $0 to make – and required an in-store purchase to collect.

(Meaning it’s a profitable endeavor, from day one – regardless of royalties).

If/when this is proven at scale, others will want to follow – fast.

We love to see it!