GM PRO DOers! 😎
Last December, Starbucks launched their web3 loyalty program - Starbucks Odyssey.
Soon after, I made a prediction that Starbucks would onboard 5 million new wallets in 2023. 🌊
Sadly, I was wrong. 🥲
The Starbucks Odyssey program is still in beta, with just over 10,000 users.
This doesn’t mean that Starbucks hasn’t been building and shipping, though.
Here are some quick highlights of what’s happened since Starbucks Odyssey launched:
- Users have minted 254,842 NFTs across 20 collections. That’s an average of ~25 NFTs minted per user, which is fantastic engagement.
- Secondary sales have generated over $3,093,395 in volume. Not to mention that over $2.6 million has come from free mints. Did you ever think you’d be able to sell your loyalty points for cash on a global online market?
- Starbucks has made $234,745 in revenue from royalties. Clearly, this number is small for a billion-dollar enterprise like Starbucks, but the fact that they made any revenue in a closed beta is a positive sign.
When you consider that this program is still in closed beta with only 10k total users, those are pretty incredible numbers.
This is no surprise to me.
Because I strongly believe that one of the best use cases for blockchain is loyalty programs.
One which all business leaders and marketers need to be paying attention to. 👀
But how do you learn about this when Starbucks Odyssey is a closed program? You subscribe to Milk Road PRO, of course. 😎
Everyone in web3 loves to talk about Yuga Labs as the role model for success.
However, brands aren’t trying to build a Yuga Labs-like ecosystem. Brands are simply trying to build better customer engagement experiences.
What Yuga Labs is doing is innovative and exciting, but it’s not a model for any businesses to learn from.
Starbucks Odyssey program, on the other hand, is ripe with consumer engagement models and tactics we can all learn from.
So grab your favorite Starbucks drink (Grande Soy Dirty Chai with 2 shots for me), and let's dive deep into why blockchain is going to completely revolutionize loyalty programs.
Web2 vs Web3 Loyalty Programs
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