Update: Starbucks announced on Friday that they are discontinuing their NFT program, which was in beta. The decision was made to “prepare for what comes next as we continue to evolve the program,” according to an FAQ page.
Steve Kaczynski, the program’s lead, expressed uncertainty about his future at the company in a tweet on Friday:
Below is our original interview with Kaczynski from February 22:
In a recent episode of TechCrunch’s Chain Reaction podcast, Steve Kaczynski, co-author of “The Everything Token” and community lead for Starbucks Odyssey, shared insights on the value of the NFT space for brands and loyalty programs looking to engage with fans in new ways.
Kaczynski predicted that in 2024, companies would focus on expanding “brand anchors” to gated areas like reward programs, emphasizing community-based brand building. Starbucks launched Starbucks Odyssey in 2022, combining their Reward loyalty program with NFTs to enhance customer experiences.
According to Kaczynski, the loyalty program has over 58,000 active participants in its five-tiered system. He highlighted the diverse range of participants, noting that not all are web3 native individuals.
Kaczynski also discussed the potential for NFTs to be utilized by local businesses for loyalty programs and incentives. He emphasized the value beyond expensive digital art, highlighting the ownership and economic potential of NFTs in various industries.
This story was inspired by an episode of TechCrunch’s podcast Chain Reaction. Subscribe to Chain Reaction on Apple Podcasts, Spotify, or your favorite platform for more insights from entrepreneurs.
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