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Starbucks Makes Web3 Move on Polygon
By: yyctrader
Yesterday, as crypto enthusiasts watched Ethereum transition to Proof of Stake consensus without skipping a beat, one investor decided that the occasion merited a serious memento.
The last Ethereum block finalized under proof-of-work was number 15537393, and this unknown collector spent over 30 ETH ($50,000 at the time) to mint it as an NFT.
The Vanity Block currently has an offer of 10 ETH on it.
On Sept. 12, the world’s largest coffeehouse chain, unveiled Starbucks Odyssey, an upcoming addition to its loyalty program that will let members buy and earn digital collectible stamps in the form of NFTs.
The U.S. multinational has chosen to build on Polygon, an Ethereum scaling solution that offers low-cost transactions. Nearly 30M NFTs were minted on the network in August alone.
According to the company, participants will be able to earn NFTs by “engaging in Starbucks Odyssey ‘journeys,’ a series of activities, such as playing interactive games or taking on fun challenges to deepen their knowledge of coffee and Starbucks.”
“As a leading infrastructure provider enabling people and technology to collaborate and exchange value globally and freely, Polygon provides the ideal launchpad for Starbucks’ entry into Web3,” Polygon co-founder Sandeep Nailwal said in a blog post.
Users will also be able to purchase the NFTs with credit cards. A crypto wallet will not be required to access the program.
One can join the waitlist here.
Secondary sales volumes continue to dry up, with just $133M traded in the week ending September 12. Volume has dropped for five straight weeks.
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