After 6 successful non-fungible token (NFT) collections, Starbucks today launches “The First Store Collection Stamp”. Commemorating the historical origins of the American brand, its future owners will obtain privileges linked to its loyalty program. The collection is deployed on the Polygon blockchain, the result of a partnership between the two firms last September.
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Starbucks unveils its 7th collection of non-fungible tokens
Since the advent of non-fungible tokens (NFT) in 2021, many international groups have used this technology to offer new experiences to their customers. Starbucks is no exception..
After having distributed more than 50,000 NFTs through 6 different collections, the American company is once again repeating the operation with the “ The First Store Collection Stamp “. In the image of his first restaurant opened in 1971 in Seattle, these NFTs commemorate the historical origins of the brand.
Illustration from the collection of NFT by Starbucks
Created on the Polygon blockchain, this new collection is limited to 5,000 NFT whose price reaches 100 dollars each. All holders of these NFTs will be awarded 1,500 points linked to the Starbucks loyalty program.
While the sale of this collection is scheduled for Wednesday April 19, 2023 at 6 p.m. (French time), it will only be open to a select few. Registration on a waiting list is necessary for those who do not have at least 2 “Journey Stamps”.
Journey Stamps are the collections of NFTs distributed free of charge by Starbucks to reward its greatest consumers.. Its only paid collection, “The Starbucks Siren Collection”, was launched last March: the 2,000 NFTs in the collection were sold out in less than 20 minutes at a price of $100 each. Today, their floor price exceeds 400 dollars.
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Why did you choose the Polygon blockchain?
In September 2022, Starbucks announced a strategic merger with the Polygon blockchain. On this occasion, the firm specializing in coffee had revealed Starbucks Odyssey, an extension of its loyalty program based on Web3 technologies. Today’s collection is included in this program:
” This new Web3-powered experience will allow Starbucks Rewards loyalty program members and Starbucks partners (employees) in the United States to earn and purchase collectible digital stamps in the form of non-fungible tokens (NFTs). This unique loyalty program experience is powered by the low fees and high transaction speeds of the proof-of-stake Polygon network. »
As a reminder, Polygon is a blockchain allowing greater scalability of transactions on the Ethereum network. In particular, it allows consumers pay minimal network fees compared to its parent blockchain. At the same time, its proof-of-stake consensus method consumes little energy.
According to its co-founder Sandeep Nailwal, this merger with Starbucks is justified by the common values claimed by the two companies :
” Polygon is a natural choice for Starbucks, as both companies value diversity, accessibility and sustainability. As a leading infrastructure provider that enables people and technology to collaborate and exchange value globally and freely, Polygon is the perfect starting point for Starbucks’ entry into the Web3. »
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Source: Starbucks, Polygon
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Always enthusiastic about new technologies, I gradually moved closer to Web3-related activities during the year 2021. Over time, I wanted to add my stone to the building. It was then that I became an editor, with the aim of explaining cryptocurrency-related topics to as many people as possible.
Timothy Bourbotte
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