Starbucks NFT: Enjoy immersive coffee experiences
Starbucks is the world's largest coffeehouse chain, with a wicked market cap of over $100B. If you Google "Starbucks synonyms", "coffee" is bound to appear right at the top (I am kidding, of course). And now it is in the NFT business.
Founded in Seattle, Washington, in 1971 by Zev Siegl, Gordon Bowker, and Jerry Baldwin, and with more than 35,700 stores worldwide, Starbucks is more than just a coffee shop chain. It represents an experience.
In business, personalisation is key to attracting and retaining customers, and this comes in several shapes and forms. Starbucks' personalisation game is top-notch.
Each coffee cup comes with your name on it, handwritten by an employee, and perhaps with a smiley face to make your day! Along the lines of enhancing the customer experience, Starbucks has forayed into the world of NFTs.
Yes, you read that right. Its new Odyssey experience will allow customers (members) to earn and purchase Starbucks NFT (stamps). These NFTs will allow you to enjoy immersive coffee experiences.
The Odyssey experience is an industry-leading loyalty programme at scale, with which Starbucks aims to create an interactive Web3 community connecting members with employees.
Starbucks NFT: Odyssey membership
The company launched the Odyssey membership program in December 2022. This experience, powered by Web3 technology, allows Starbucks Rewards employees and members the opportunity to earn and purchase NFTs. These NFTs will unlock a cool set of benefits and immersive coffee experiences.
The program is only available to customers and employees residing in the US.
According to Brady Brewer, executive vice president and chief marketing officer, leveraging Web3 tech lets members "access experiences and ownership that was not possible before".
Brewer said that Odyssey transcends the "foundational benefits that our Starbucks Rewards members have come to love, and unlock, digital, physical, and experiential benefits that are uniquely Starbucks".
Brewer hopes the membership programme will create a digital community that can come together for a cup of coffee and participate in immersive experiences.
Coming to the benefits associated with the programme, here is all you need to know:
- Odyssey members can partake in ‘journeys’ to earn rewards.
- This includes taking on fun challenges and participating in interactive games pertaining to coffee and the brand.
- Once a member has completed a journey, they will be rewarded with an NFT.
- Members can also purchase NFTs from the Odyssey marketplace or associated secondary marketplaces.
- Starbucks NFT are associated with a point value.
- Points can be redeemed for exclusive experiences, such as events and trips, artist collaborations, access to unique merchandise, and virtual espresso martini-making classes!
- Free coffee is not on offer! Enjoy a plethora of other rewards and experiences.
Remember that if you sell your NFT, points will be deducted from your overall balance. Each NFT features iconic Starbucks art created by employees as well as external artists. The coffeehouse giant is on a mission to jump on the Web3 bandwagon and will continuously modify/improve its programme. Coffee and NFTs, please?
Odyssey Beta NFTs: The Siren Collection
As you can see from the above image, the coffee shop Goliath launched its Odyssey Beta NFT collection, called 'The Siren Collection', on 9 March, 2023. Each Starbucks NFT was priced at $100 and the collection sold out within 20 minutes!
Here are the terms, conditions, and reward system of this NFT collection:
- The coffeehouse brand allowed members to purchase up to two NFTs each.
- Each NFT came with 1,500 bonus points that will expire on 31 December.
- Only Odyssey members can redeem these bonus points.
- The sale or transfer of a purchased Starbucks NFT will lead to the deduction of points from your annual membership points tally.
It has been well over a year since NFT sales peaked (marketwide), but this has not deterred Starbucks in its quest to venture into the Web3 space. The Siren Collection potentially represents the first of many NFT collections the brand may launch.
Fun fact: The Siren Collection #4 is listed for sale at an astonishing $104k! Fancy that.
If you are not an Odyssey member yet, you can join the waitlist today!
Author: Surajdeep Singh
Surajdeep Singh has been working in the tech sphere as a marketing guru and journalist for over 6 years, with his speciality laying in blockchain and Web3. He has donned several hats in marketing and journalism over the years and worked with many reputable brands. Feel free to reach out to him on LinkedIn!