After 6 successful non-fungible token (NFT) collections, Starbucks is launching “The First Store Collection Stamp” today. Commemorating the historical origins of the American brand, its future holders will obtain privileges linked to its loyalty programme. The collection is deployed on the Polygon blockchain, the result of a partnership between the two firms last September.
Starbucks unveils its 7th collection of non-fungible tokens
Since the advent of non-fungible tokens (NFTs) in 2021, many global groups have used the technology to deliver new experiences to their customers. Starbucks is no exception.
After distributing more than 50,000 NFTs through 6 different collections, the American company is doing it again with “The First Store Collection Stamp”.
Illustration of the NFT collection by Starbucks
Created on the Polygon blockchain, this new collection is limited to 5,000 NFTs priced at $100 each. All holders of these NFTs will be awarded 1,500 points linked to Starbucks’ loyalty programme.
While the collection is scheduled to go on sale on Wednesday 19 April 2023 at 6pm UK time, it will only be open to a select few. A waiting list is required for those who do not have a minimum of two Journey Stamps.
Journey Stamps are the NFT collections that Starbucks gives away for free to reward its most loyal 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, the lowest price is more than $400.
Why did you choose the Polygon blockchain?
In September 2022, Starbucks announced a strategic partnership with the Polygon blockchain. On that occasion, the coffee company revealed Starbucks Odyssey, an extension of its loyalty program based on Web3 technologies. Today’s collection is included in this programme:
This new Web3-powered experience will allow Starbucks Rewards loyalty program members and Starbucks partners (employees) in the U.S. to earn and purchase collectible digital stamps in the form of non-fungible tokens (NFT). This unique loyalty program experience is powered by the Polygon network’s low fees and high transaction speeds in proof-of-stake. “
As a reminder, Polygon is a blockchain enabling greater transaction scalability on the Ethereum network. In particular, it allows consumers to pay minimal network fees compared to its parent blockchain. At the same time, its proof-of-stake consensus method is energy-efficient.
According to its co-founder Sandeep Nailwal, this link-up with Starbucks is justified by the common values claimed by the two companies:
Polygon is a natural fit 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 Web3.”
