Starbucks is going crypto… but why? - Episode 326 - by cryptohunt.it

Crypto in Plain English - by cryptohunt.it

Starbucks is going crypto… but why?

Welcome to the Cryptohunt Jam, where we spend one minute a day explaining the intersection of exciting new technologies and your world. As always: In plain English.

Grab a cup of coffee and relax... because today's episode will be right in your wheelhouse. And if you've just pulled out the Starbucks app to see if you have points to redeem while listening to this episode: What a coincidence! Because today is about Starbucks... going crypto.

Hard to believe but true: The coffee shop giant is adopting blockchains to build the next version of their rewards program. If that comes as a shock to those who thought crypto wasn't mainstream yet - trust us, we feel the same.

Why would they shake it up when things have been working just fine without the extra topper of cutting-edge tech? Let's dig in, because it might not be as crazy as it sounds.

The whole thing is called Starbucks Odyssey and will launch sometime in 2023. On paper, it sounds like a rewards program on steroids: Sure, you can collect points. But you'll also get digital collectibles for your loyalty, and can access a members-only experience where you can play games and tackle challenges - whatever that actually means. And don't worry, Starbucks aficionado! The existing program isn't going away either.

Ok - you probably have a couple of doubts: Why create this whole experience in the first place? They are a just a coffee shop, right? And why would any of this have to be on the blockchain if they already have a working rewards program?

Well - Starbucks thinks of itself as your "Third Place", between home and work. Their words, not ours. In essence, they want you to think of Starbucks as a place you WANT to spend time at. And guess what? Buy coffee.

And what do brand managers do to imprint their logo in your brain? They trick you into interacting with it more. An interactive, loyal-members-only experience is Starbucks' way to control your mind. But, by the way, they do tons of non-digital things to make you like them, like paying college tuition for their "partners" - which is their fancy word for employees.

Ok, you say, got it. Brand marketers trying to make me love their brand. But why on the blockchain?

Well - we can only speculate. But Starbucks has always been about attracting the young generations as they come and go. It started with syrups and sprinkles years ago. Now their bet is most likely that NFTs and crypto are the perfect cool new thing the new kids will like.

So that's Starbucks' new blockchain loyalty program. And there is something interesting happening here behind the scenes that we'll cover next: It's powered by Polygon, a name you may have heard a ton lately. Stay tuned to hear why in the next episode.

This podcast is produced by Cryptohunt.it, the easiest place to learn all about Web3. Copywriting is done by Arndt Voges, Social Media is done by Brett Holleman, design is done by Carmen Rincon, and my name is Christian Byza, Co-Founder of Cryptohunt and I am your host of this daily show.

Disclaimer: This podcast references our opinion and is for information purposes only. It is not intended to be investment advice. Do your own research and seek a duly licensed professional for investment advice.

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