Starbucks to permit US members buy and collect Polygon-based NFTs | The Financial Express

Starbucks to permit US members buy and collect Polygon-based NFTs

According to Cointelegraph, increase in stamp collection will lead to an increase in members’ points, which in turn will allow members get access to unique experiences

Starbucks to permit US members buy and collect Polygon-based NFTs
A part of the proceeds from sale of limited-edition stamps will be directed towards supporting creators’ causes

Coffeehouse company Starbucks has made the announcement that it will offer its US members the ability to earn and buy digital collectible stamps in the form of non-fungible tokens (NFTs). Named as Starbucks Odyssey, each digital stamp carries its own ownership verified on the blockchain and will also have a point value based on rarity, as reported by Cointelegraph.

According to Cointelegraph, increase in stamp collection will lead to an increase in members’ points, which in turn will allow members get access to unique experiences. The company has stated that rewards will range from customers receiving a virtual espresso martini-making class to getting access to unique merchandise for exclusive event invites at Starbucks Reserve Roasteries and even a chance for trips to the Starbucks Hacienda Alsacia coffee farm present in Costa Rica. NFTs can be collected through interactive coffee-based games or through fun challenges on Starbucks Odyssey, which is expected to be launched later this year. Users will be able to purchase NFTs on the built-in marketplace without requiring to connect their wallets or utiling any cryptocurrency.

Moreover, Cointelegraph noted that all the stamps will contain Starbucks artwork, co-created with Starbucks partners and outside artists. A part of the proceeds from sale of limited-edition stamps will be directed towards supporting creators’ causes, with the NFTs being minted through use of a proof-of-stake (PoS) blockchain developed by Polygon. 

“We are entering the Web3.0 space differently than any other brand while deepening our members’ connection to Starbucks. Our vision is to create a place where our digital community can come together over coffee, engage in experiences, and celebrate the heritage and future of Starbucks,” Brady Brewer, vice-president and chief marketing officer, Starbucks, said.

Going by Cointelegraph’s website, founded in 2013, it is a digital media resource covering news on blockchain technology, cryptocurrency assets, and emerging financial technology (fintech) trends.

(With insights from Cointelegraph)

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