Starbucks’ NFT program may drive more digital collectible integrations with big brands
As the world As the world becomes more digital, consumers’ demands and needs change, and brands are looking to revamp their rewards programs, Adam Brotman (CEO and cofounder of Forum3) told TechCrunch.
“We’re hearing from many other brands, regardless of whether they have loyalty programs or not, that what all major brands are dealing with right now it that the consumer is changing,” Brotman said, who was also the former chief digital officer at Starbucks. “It’s not just Gen Z and millennials that are hyperdigitalized, but the general consumer has become more digitally savvy and more aware of digital goods.”
Starbucks opens at the beginning of each month launched A blockchain-based loyalty program and NFT community are dubbed Starbucks Odyssey. Brotman explained that the initiative was launched in partnership with Forum3, who helped to build out the NFT project at coffee giant Starbucks.
September Starbucks said It envisioned the program to offer a way for loyal customers to get a wider range of rewards than the perks they already receive, such as free drinks. Odyssey has created a new platform that allows customers to engage in interactive activities called “Journeys” which, when completed, allow members collectible Journey Stamps. This is Starbucks’ less technical term for NFTs.
Brotman stated that aside from Starbucks, web3 customer loyalty-focused Forum3 has been primarily working with consumer brands, retailers (including restaurant chains) and direct-to–consumer subscription businesses.
Brotman stated that Odyssey was an extension of Starbucks’ loyalty program. It’s a chance to innovate and extend loyalty.
Nike also launched an NFT platform and metaverse platform earlier in the year. .SwooshThis will allow shoe enthusiasts to trade and create digital “wearables” and virtual sneakers.
Brotman explained in a blog post that loyalty programs often revolve around giving something back to customers in return to their loyalty to a brand. What does the brand offer in return? Digital convenience and discounts, such as remembering your favourite items, address and payment methods, suggesting products, and letting it let you order ahead.
What if these digital points or royalties could be used to reward royalty? Actually Customers can own it? Brotman explained that NFTs, which is true digital ownership, are a great way to get a “much deeper loyalty layer.” Customers can receive digital collectibles and points that they own, which they can use in ways that are not possible with traditional rewards programs.
I’m a journalist who specializes in investigative reporting and writing. I have written for the New York Times and other publications.