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Top Crypto News: Starbucks partners with Polygon Blockchain to roll out its NFT Rewards Program

Top Crypto News: Starbucks partners with Polygon Blockchain to roll out its NFT Rewards Program

Starbucks x Polygon

In a slew of traditional companies and businesses foraying into the crypto, NFT & metaverse space, the international coffee and beverage giant, Starbucks has decided to enter into this brave new world! Starbucks has decided to roll out its NFT-based rewards program on one of the most popular Ethereum scaling solutions, Polygon network.

Named ‘The Starbucks Odyssey’ program, which is slated to launch later this year will enable customers and employees in the United States to earn digital stamps as rewards and also be able to purchase and trade limited edition digital stamps. Each stamp, which will be minted as an NFT on the Polygon Blockchain Technology will represent ownership for things like digital collectibles and artwork. It will also enable merchandise and fan events in the future too.

Back in May 2022, Starbucks had teased at developing a Web3 experience, when it had announced its plans to launch a series of NFT collections that provide ‘unique experiences, community building and customer engagement’. This initiative is being described as a natural extension of the existing Starbucks Rewards program and will also let customers earn ‘journey stamp’ NFTs by completing multiple challenges and playing interactive games through the official Starbucks app.

Interested Starbucks customers can now join a waitlist to gain access to Starbucks Odyssey program. The Starbucks Odyssey web portal is also expected to feature a secondary marketplace to let stamp owners buy and sell those NFTs as they please.

The company in its official blog post said that there will be incentives for customers to collect these stamps, as the NFTs will boost the user’s level in the Odyssey app and unlock potential rewards under the program. Rewards include everything from virtual drink-mixing classes to exclusive merchandise, access to private events, or a trip to Starbucks’ Costa Rican coffee farm. The company also said, A portion of proceeds from the NFT sales will also support other undisclosed causes.

In additional news, NFT marketplace Nifty Gateway tweeted that it will power the Starbucks Odyssey platform. Nifty Gateway is a platform that is known for NFT collections from artists like Beeple and The Weekend.

Polygon MATIC Coin Price Rallies

MATIC/USD | Source: Tradingview

Polygon’s native crypto token, MATIC coin experienced a good rally when the news broke of its partnership with the global coffee giant. MATIC price jumped nearly 6% since the news broke and is sustaining well at those levels too. From a technical standpoint, MATIC is in a very good position. It is trading above its 50 day moving average (marked in cyan), along with a Relative Strength Index trading newar 60. This indicates strong bullishness in MATIC price and we can potentially see a sustained rally too.

Also, the 50 and 200 day moving averages have come pretty close to each other, just inches away from executing a golden crossover of the two moving averages, which would also bring about a stronger bullish momentum in this particular crypto token. Thus overall, things look pretty optimistic for this popular Ethereum scaling solution, despite the oncoming Ethereum Merge, which is very close at hand.

Prices as of 13th September, 2022.

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