Starbucks is no longer hiding its interest in Web3 and non-fungible tokens (NFTs). However, we just learned that Polygon (MATIC), the Ethereum (ETH) scalability solution, is the one favored by the giant to develop its loyalty program. What will it look like?
Starbucks chooses Polygon (MATIC)
Starbucks’ Web3 initiatives, which go by the snappy name of “Starbucks Odissey,” will therefore rely on Polygon. It will start with a loyalty program, which will offer its members digital stamps in the form of non-fungible tokens (NFTs). Next, it’s a metaverse that the brand seems to be considering:
“[The program] will allow access to immersive experiences around coffee, from exclusive items and collaborations with artists to invitations to exclusive events.”
Interested parties can already sign up for a waiting list. The project will launch by the end of 2022.
Proof of Stake and carbon footprint
Polygon was chosen in part because of its green ambitions, according to Starbucks. Indeed, the network aims to have a negative carbon footprint by the end of the year – a goal that will be facilitated by Ethereum’s impending move to proof of stake.
According to Sandeep Nailwal, the co-founder of the scalability solution, Starbucks and Polygon share common values, which justified the partnership:
“Polygon is a natural fit for Starbucks, as both companies place a high value on diversity, accessibility and sustainability. […] Polygon provides the ideal pathway for Starbucks to enter the Web3.”
If nothing else, the arrival of big brands like Starbucks in Web3 shows the persistent craze for the field, even though cryptocurrency prices have been lackluster for several months.