Starbucks Releases Non-Fungible Frappuccinos
Image credit: Starbucks
Odyssey demo
Starbucks knows loyalty better than most. The Starbucks Rewards program boasts 50 million customers and $15 billion in annual revenue, and the new Starbucks Odyssey NFT experience is the company’s first effort to use web3 to reward loyalty. We got a demo, and let us tell you: this is not your standard NFT drop.
“The experience allows members to participate in a series of entertaining, interactive activities called ‘Journeys'. Once a Journey is complete, members will earn collectible ‘Journey Stamps’ (NFTs) and Odyssey Points that will open access to new benefits and immersive coffee experiences that they cannot get anywhere else.”
We got a demo, and let us tell you: this is not your standard NFT drop.
Key features:
- Friendly terminology: As we said in our 2023 web3 predictions post, Starbucks avoids the term ‘NFT’ and uses ‘digital collectibles’ instead. They believe this is more descriptive, and won’t alienate people turned off by NFTs and crypto.
- Non-speculative: NFTs are tradeable assets, even if they also carry other utilities. Starbucks says the NFTs are ownable perks for their gamified loyalty program, and not meant to be high-value speculative assets. But already there have been unexpected multiple 5-figure sales from this collection.
- Web 2.5 for crypto newbies: Starbucks Odyssey users can purchase Stamps directly with a credit card, no crypto or self-custody wallet required. While the NFTs are onchain, Starbucks is using Nifty Gateway’s custodial wallet to ease UX friction.
Our 0.02ETH 🍃
We're excited to see how this will play out. Starbucks may generate some unexpected cash from the Stamps secondary market, but Stamps therefore may not have the kind of impact on loyalty they had intended.It will be interesting to see whether their userbase will always be okay with custodial wallets especially in low-risk situations like Starbucks NFTs, and if so, how web3 interoperability will be unlocked for brands and users alike.
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Use Case: Richie Hawtin & Proof-of-Attendance NFTs
Breaking down a different future for drops.
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“Music and technology have absolutely always been intertwined for me,” Hawtin said in a 2022 interview.
From soundtracking Prada fashion shows with mind-bending audio-visuals to creating his own mixer (and tech-indebted sake brand), Hawtin has always pushed the bar.
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How to Rewire Your Brain (and Brand Strategy) using Web3
From web3 data to web3 wallets - the only constant is change.
In technology, as in life, this one always hits. Whether it’s AI-powered smart pillows, a fully NFC-chipped wardrobe, or an entire generation spending their allowance on avatars, the future of engaging consumers is no longer about maybe leveraging next-generation technology — it’s a must.
Nonetheless, it’s not always easy to keep up when so much change is in the air. Sometimes, it even requires us to completely rewire our brains to make room for what we must understand to thrive as a brand. Rather than turn this into a game of Operation, let’s continue.
