Starbucks's web3 Odyssey is seeing early signs of success, BofA says

Quick Take

  • Starbucks’s Odyssey program, an extension of Starbucks Rewards that seeks to expand brand loyalty in the virtual world, is seeing encouraging signs, Bank of America said. 

Starbucks's Odyssey program, an extension of Starbucks Rewards that seeks to expand brand loyalty in the virtual world, is seeing encouraging signs of early success, Bank of America said. 

The coffee company, which launched a beta test of Odyssey in December, allows members to participate in interactive journeys like games and virtual tours related to coffee education and Starbucks history and earn Odyssey Points that can be exchanged for rewards or Journey Stamp NFTs that can be collected and traded.

"Odyssey affords the ability to evolve loyalty beyond its transactional origins," a team of analysts led by Sara Senatore wrote in a Feb. 28 note. "Just as members can earn Odyssey Points by completing interactive journeys (in addition to purchasing beverages), they can also redeem them for interactive experiences, including access to exclusive events and int’l trips."

Starbucks's approach to web3 is "more holistic than the industry’s prior NFT forays," the analysts said.

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