Crypto, Odysseys and Starbucks coffee. What’s not to like about this partnership? Starbucks, the ever growing and forever coffee soulmate to the world just partnered with Polygon ($Matic). Now you may be thinking, what in the world is Matic and why does Starbucks want to partner? Fear not, our coffee enthusiasts and cryptocurrency investors, we will break all this down while you sip on your favorite cup.
Espresso Shots of History
Starbucks coffee has made its way to the top of the market as the go to for all coffee lovers. It originally started out in 1971 by a group of 3 students from the University of San Francisco. The first shop opened in Seattle, Washington in the historic Pike Place Market. For the first 5 years, 1971-1976, they only sold roasted whole coffee beans. Fast-forward nearly 50 years, and now they have one of the widest ranges of coffee drinks, teas, lattes and snacks. With their latest endeavor to partner with Polygon ($Matic).
Matic is one of the big kids on the block when it comes to blockchain technology. This token began in 2017. Polygon runs on the Ethereum blockchain and has layer 2 scaling abilities. It is nicknamed The Internet of the Blockchain due to its speed and versatility. It was not until February 9th 2021 did $Matic (Polygon) really take off. Due to its upgrade and technology changes, it is now the interconnection between multiple blockchains and channels. Through its easy to use technology and user interface, it is quickly becoming adopted by institutions. Currently, they do 3x the amount of transactions compared to Ethereum. Is this what attracted Starbucks to Matic?
Loyalty with Matic NFTs
Late into the evening of September 12th, 2022, Starbucks announced its partnership with Matic via press release. This partnership would entail a never before seen combination of NFTs (non-fungible tokens), the Metaverse and Loyalty Programs. Starbucks Rewards members and employees in the U.S will get a chance to buy/earn NFTs. These NFTs will unlock access to new benefits and immersive coffee experiences. According Brady Brewer “For the first time we are connecting our Starbucks Rewards loyalty program members not just to Starbucks but to each other”. Their new immersive technology will also not require a crypto wallet or crypto for those who do not have one. Their new “Limited-edition stamp NFTs” can be purchased with a credit card, just like any other product. As stamps are collected, member points will increase, unlocking new unique benefits and experiences! Some of these experiences include; a virtual espresso martini-making class, to merchandise, to invitations to exclusive events. One of the top rewards is a trip to Starbucks Hacienda Alsacia coffee farm in Costa Rica! If you want in on the action, there is a waiting list you can join today.
Starbucks, Crypto and Matic
“All stamps will feature iconic Starbucks artwork co-created with Starbucks partners as well as outside artists – giving members and partners access to these treasured assets for the first time. Additionally, a portion of the proceeds from the sale of limited-edition stamps will be donated to support causes that matter to Starbucks partners and Starbucks Rewards members.“ (Press release). Starbucks CMO Brady Brewer admitted that the company has been looking into cryptocurrency and blockchain technology for several years. However, they have only been invested with Polygon for 6 months. This is quite the Odessey as Starbucks is one of the only institutions to publicly announce blockchain NFTs for direct consumer use. These NFTs will be available tentatively starting at the end of the year, perhaps in time for the Holidays.
Blending NFTs and Today
The NFT world, crypto world and modern world are all starting to blend together. With Starbucks being the first institution to directly leverage NFTs with consumers/loyalty programs, will others follow? Disney has announced plans to use Polygon as well in 2025 for tickets. That though, is a story for another time. Will you want to join the Starbucks NFT rush or will you wait to see? Either way, it appears that cryptocurrency and NFTs will be here to stay. It is just a matter of time.
