• Starbucks embraced NFTs and Web3 ahead of most corporates and competitors through rewards program. 
  • Starbucks Odyssey is an optional, additional rewards program building on the existing program with complementary products. 
  • NFT 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 at including Web3-savvy individuals and making strides 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. The Starbucks Odyssey is an NFT-based loyalty rewards program for the coffee-chain’s largest customer segment, millennials between the ages of 25 to 40. 

For Starbucks, 50% of their business comes from millennials and the latest trend in the generation is Web3 and the 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 rewards project, Forum3 led the design of Starbucks’ mobile order and pay system. Experts believe Forum3 will ensure a seamless experience for customers opting in to 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 very well not even know that what they’re doing is interacting with blockchain technology.

NFTs take center stage as sales volume doubles

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

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


Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Recommended content


Recommended Content

Editors’ Picks

Crypto Today: Bitcoin is less than 10% away from all-time high as Ethereum ETF approval anticipation brews

Crypto Today: Bitcoin is less than 10% away from all-time high as Ethereum ETF approval anticipation brews

Bitcoin trades around $68,000 early on Monday, less than 10% away from its all-time high of $73,777 on Binance. Ethereum ETF anticipation brews among traders and Ether investment products see inflow of over $45 million in the past week. 

More Cryptocurrencies News

Ripple lawsuit settlement likely soon, says Brad Garlinghouse, XRP hovers around $0.60

Ripple lawsuit settlement likely soon, says Brad Garlinghouse, XRP hovers around $0.60

Ripple (XRP) trades around a key psychological level of $0.60, early on Monday. The altcoin recently made headlines for its highest weekly gain of 2024, over 40%. XRP sustained nearly 21% of the gains from the last seven days. 

More Ripple News

Solana could cross $200 if these three conditions are met

Solana could cross $200 if these three conditions are met

Solana’s total value locked climbs 18% in July to $5.38 billion, as seen on DeFiLlama. Solana sustains over 20% gains in the past seven days, corrects nearly 3% on Monday. Active addresses and new address count in the Solana network have increased throughout July.

More Solana News

ALT, WLD, ENA, ID set for $200 million token unlocks next week

ALT, WLD, ENA, ID set for $200 million token unlocks next week

The crypto market is set to experience another wave of token unlocks next week, with Altlayer (ALT), Worldcoin (WLD), Ethena (ENA), and Space ID (ID) set for a combined token unlock worth about $200 million.

More Cryptocurrencies News

Bitcoin: Will BTC continue its bullish momentum?

Bitcoin: Will BTC continue its bullish momentum?

Bitcoin (BTC) price increased by 5.5% this week until Friday after breaking above a descending trendline. Currently, it is trading slightly higher by 0.23% at $64,166.

Read full analysis

BTC

ETH

XRP