Starbucks, the coffee chain giant we’ve all grown up fancying as the cool place to be when we become adults. And why not? The comfortable, calming, and personal space this coffee giant provides its customers makes it the third world. A tasty coffee, creative ways to make your time comfortable and fun in the shop, and a friendly environment – what more does one need to make the day relaxing and happy?
But this isn’t all. Making its move in the NFT market to expand what and where the giant serves its customers, Starbucks started its free Odyssey rewards program. The good news? This program has already become a huge hit, reaching new heights in the NFT market. This program, which employs NFTs to reward clients, has created history with its limited-edition Polygon NFTs trading for about $2,000 each on the secondary market.
What Made The Program Hit The Sky?
The Starbucks Odyssey, NFT-driven rewards program, debuted in December 2022, and since then, NFTs have been very sought after by collectors. The key takeaways of this program’s success include:
- Sales of more than 360 NFTs on the Nifty Gateway trading platform
- The trade volume of these NFTs reached over $148,000.
- Among its entire NFT collection, the “Christmas Cheer Edition 1 Stamp” NFT has been the most actively traded Starbucks NFT, making up 80% of all Starbucks NFTs.
- Odyssey members who completed challenges and bought a holiday gift card received the limited edition stamp for free as part of this program.
- The Odyssey Rewards Programs NFT is designed with a red and green Starbucks cup with a pine tree motif with the year 2022 printed on the right side.
- Initially listed for free, these NFTs are selling for about $2000 on Nifty Gateway, with 537 owners and a total transaction volume of over $100,000 in the previous 30 days.
The Odyssey Rewards Program: An NFT-Based Reward Program By Starbucks
Polygon, an efficient layer 2 Ethereum scaling solution, is the foundation of the Starbucks Odyssey loyalty program. This program uses NFTs to incentivize people to get involved with Starbucks and buy Starbucks items. Moreover, on the secondary market, users may buy, sell, and trade these NFTs, making them desirable possessions for enthusiasts and collectors. This approach towards the NFT market proves that Starbucks has benefitted in growing its name and clientele in more ways than one.
Are NFTs The Smart Approach to Grow Businesses Today?
Considering Starbucks NFT program’s huge success, it’s evident that NFTs can alter how companies interact with their consumers radically. In fact, NFTs provide businesses with an innovative tool for rewarding and incentivizing consumers while opening up a new source of income.
NFTs may also aid businesses in creating a thriving customer community and fostering deeper connections with their clientele. All in all, making an ideal and groundbreaking example, the Starbucks Odyssey rewards program provides a model for utilising NFTs successfully in business, and other corporations will likely adopt similar programs in the coming time.