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Starbucks to Offer NFT-Based Loyalty Program Using Polygon's Blockchain Technology

Starbucks (SBUX) is set to begin a non-fungible token (NFT)-based loyalty program with the blockchain technology provided by Polygon.

The company's Starbucks Odyssey will allow customers to purchase and earn digital collectible stamps in the form of an NFT that offer benefits and immersive experiences.

The program is to be built on Polygon's proof-of-stake network, a scaling tool that sits on top of the Ethereum network. Applications that run on Polygon and other scalers can avoid some of the high costs and low transaction speeds caused by congestion on Ethereum's main network.

Starbucks hinted at developing a Web3 experience in May when it announced plans to launch a series of NFT collections providing “unique experiences, community building and customer engagement."

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Customers can now join a wait list to gain access to Starbucks Odyssey.

Polygon's native token MATIC responded positively to Starbuck's announcement, trading at $0.93 at the time of writing, an increase of 3.37% on the day.

Read more: Polygon Founder’s Crypto VC Firm Raises $50M Fund

UPDATE (14:00 UTC Sept. 12, 2022): Adds "and earn" to second paragraph.

UPDATE (14:40 UTC Sept. 12, 2022): Adds MATIC price movement.