Polygon (MATIC/USD) has partnered with Starbucks Coffee Company to allow the company to offer customers of its loyalty program the opportunity to purchase and earn non-fungible token stamps (NFTs).
Starbucks has chosen the Polygon Network to launch its collectible digital stamps as the foundation for its Web3 program, Starbucks Odyssey.
Starbucks was one of the first companies to partner with cryptocurrency exchanges such as Bakkt and the New York Stock Exchange (NYSE) to create a global digital asset platform. So far, the company’s main focus has remained on payments.
The company says its investment in NFT is part of its strategy to improve its business model and grow its existing loyalty program.
In addition, company executives highlighted the potential of Polygon’s NFTs to foster communities and provide them with access to exclusive products.
According to the report, to access the Polygon NFT platform, Starbucks users will need to log into the web app with their existing loyalty program credentials. In it, users will gain access to certain activities that, when completed, will allow them to earn digital assets known as “tourist stamps”.
Many legacy industries have been widely adopted by NFTs, but people have been reluctant to adopt them due to green concerns. As a result, Starbucks appears to be introducing this technology without explicitly notifying its users to avoid any possible backlash.
In NFT’s new loyalty program to launch later this year, Starbucks has yet to reveal the cost of its digital assets and other key platform details. On how NFT will help the company transform its popular loyalty program, they added.
“There will be ways for people to earn (rewards) without having to spend a lot of money. We want to make this super easy and accessible. There will be many everyday experiences that customers can earn, like virtual classes or access to limited-edition products.”
