Darren Kleine

Consumers don’t often get the credit they deserve, says Aleksija Vujicic.&nbsp;



She cites the example of a survey platform created some years ago by Starbucks to gather ideas from customers. Some of the best suggestions spawned highly popular products like cake pops and caramel frappuccinos.&nbsp;



“Some little consumer made that in their home and then sent it in and <a href="https://blockworks.co/tag/starbucks">Starbucks</a> made it.”



“Do you think they&#8217;re getting any benefit from the fact that now caramel frappuccinos are sold all over the world?”



“Obviously not. But should they? Yes.”



The investment associate at Multicoin Capital spoke to Chase Chapman on the On the Other Side podcast (<a href="https://open.spotify.com/episode/09agPgx3lGtkIfqkqjLeyy?si=48aa525fccb7491f">Spotify</a> / <a href="https://podcasts.apple.com/us/podcast/76-co-creation-user-generated-products-w-aleksija-vujicic/id1570685120?i=1000617845662">Apple</a>) about the possibilities of improving relationships between consumers and companies through the implementation of <a href="https://blockworks.co/tag/web3">Web3</a> technology.



Giving customers credit doesn’t necessarily have to involve monetary compensation, she notes. “There&#8217;s so many ways to reward consumers” besides revenue share, she says.&nbsp;



“But, for goodness sake, they should get something.”



<h2 class="wp-block-heading">That’s labor</h2>



Vujicic gives another example with a Latinx haircare brand, Ceremonia, which sent products to their community for feedback before launching them to the market.



“That&#8217;s labor.”



Ceremonia rewarded those who provided feedback through free products and rewards, she admits, “but that is labor.”&nbsp;



“We are doing labor all the time for our brands, and then we are paying them for that privilege.”



Digital tokens would enable companies to attribute social recognition “through the recording of provenance and also the origination point of ideas,” she says, as well as to deliver value back to those who own the ideas.



Any goods sold on the internet could be tokenized, she says, providing provenance and compensation to originators of the products.



<h2 class="wp-block-heading">Three levels of co-creation</h2>



Co-creation under the Web3 paradigm takes place at three levels, Vujicic says: individual, cohort and community.&nbsp;



An individual creates a TikTok, for example, that is tokenized.&nbsp;



“I remix your TikTok. I added dance. Now it&#8217;s almost like I&#8217;ve added a layer to your original product, but both of those layers should exist in the next iteration of the product that&#8217;s sold.”



Revenue share and social accreditation can then be split according to the contributing entities. “We&#8217;re able to track who contributed to the idea and then who sold it and who bought it and how everything flowed through that.”



Multiple people in a small selected group could work together as a cohort to create products, she continues. “Maybe it&#8217;s a collection of clothing.”



“Twenty people come together. They do a clothing collection, maybe in partnership with the Row, for example.”



“You get to see in every piece from the Row who was involved, what they contributed to it,” she explains. “Every time one of those things are sold, they get a small piece of financial value.”



<iframe loading="lazy" frameborder="0" height="200" scrolling="no" src="https://playlist.megaphone.fm/?e=BWG1290668033" width="100%"></iframe>







The third and most decentralized form of co-creation is on a grander scale, with a community of co-creators. “In the future, we will have brands that are fully community-owned. Everything is, to a certain extent, voted upon. And then that community receives value in return.”



It’s “a spectrum of <a href="https://blockworks.co/tag/decentralization">decentralization</a>,” she says.



Vujicic argues that rewarding consumers for contributions will create happier customers that can be retained for the long term.



A dollar from a new customer, Vujicic says, isn&#8217;t as valuable as the second dollar from an already existing consumer. “Co-creation helps you get that second dollar and re-engage your community.”



People want to engage directly with brands, she says. “Give them new ways to do that, and then recognize them for doing so, and you create a higher value consumer in the end.”



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Reward consumer feedback with Web3 tech, Multicoin’s Vujicic says

James Cirrone

Starbucks is preparing an NFT airdrop for members of its Odyssey rewards program as part of the company’s <a href="https://blockworks.co/news/starbucks-nfts-like-loyalty-cards">foray into Web3</a>.



Users will have to meet specific criteria to be eligible to receive a so-called “limited-edition stamp” from the coffeehouse giant, <a href="https://blockworks.co/tag/starbucks">Starbucks</a> told Odyssey members in an email obtained by Blockworks.&nbsp;&nbsp;



First, the airdrop is only available for US residents. Second, each participant must be a Starbucks rewards member, and enrolled in Starbucks Odyssey, the company’s waitlisted Web3 rewards platform. The program launched in beta <a href="https://blockworks.co/news/polygon-to-power-starbucks-nft-loyalty-program">back in September 2022</a>, and remains available only to a select number of individuals.



Provided that a participant is an Odyssey member, they will then have to make sure to have completed two “journeys,” and that they already own at least one limited-edition NFT stamp. Journeys are challenges that users can <a href="https://blockworks.co/news/starbucks-nfts-like-loyalty-cards">complete to win stamps embedded with rewards points</a>. One such example of a journey could be going to a different Starbucks store or trying a new drink, a former Starbucks executive told Blockworks in December.



Users who meet all of these qualifications by the company’s specified date will be eligible for the airdrop, according to Starbucks Odyssey’s airdrop <a href="https://odyssey.starbucks.com/#/terms/airdrop">terms</a>.



The terms also state that “you are not guaranteed a Stamp of your choosing [&#8230;] you will receive a Stamp as determined by Starbucks in its sole discretion.”



Starbucks has shown continued interest in the world of digital ownership. Last month, <a href="https://blockworks.co/news/starbucks-drops-first-store-nft-collection">it released the “First Store” NFTs</a> with many of the collectibles in the bundle depicting the original, much humbler Starbucks storefront that opened in downtown Seattle back in 1971.



In the last 24 hours, the First Store collection <a href="https://www.niftygateway.com/rankings">has</a> generated the highest sales volume on NFT marketplace Nifty Gateway.



Blockworks has reached out to Starbucks concerning the upcoming airdrop.



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Starbucks Airdropping More NFTs in June to Expand Web3 Rewards Program

John Gilbert

Mastering NFTs: From Beeple to Starbucks to Digital Twin Cities

Starbucks is dropping its First Store Collection of NFTs on Wednesday at 3 pm ET. There are 5,000 up for grabs at $100 each, and they’re modeled after the original Starbucks storefront, which opened in 1971 in downtown Seattle.



The newest collection of “journey stamps” marks the seventh NFT drop by Starbucks. Like the previous collections, the First Store stamps will be minted on Polygon’s <a href="https://www.blockworksresearch.com/glossary#proof-of-stake-pos" target="_blank" rel="noreferrer noopener">PoS</a> sidechain, and will be sold on Gemini-owned Nifty Gateway.



<a href="https://blockworks.co/tag/starbucks" target="_blank" rel="noreferrer noopener">Starbucks</a> is also looking to integrate its existing rewards program and its NFT drops with Starbucks Odyssey — an unreleased Web3 rewards platform with a waitlist open for members. The plan is to allow users to earn points through ordering at Starbucks, which they can then <a href="https://blockworks.co/news/polygon-to-power-starbucks-nft-loyalty-program">redeem for exclusive digital collectibles</a>. 



There is no official timeline for Starbucks Odyssey, but Starbucks sent out an email to Odyssey beta users with the subject line, &#8220;We&#8217;re Getting Closer,&#8221; Decrypt <a href="https://decrypt.co/136984/starbucks-odyssey-nft-rewards-launch" target="_blank" rel="noreferrer noopener">reported</a>. Blockworks independently confirmed that this email was sent to users.



Starbucks’ first foray into the <a href="https://blockworks.co/tag/NFTs" target="_blank" rel="noreferrer noopener">NFT</a> marketplace was in December when it listed a free Holiday Cheer Edition 1 NFT for early users, featuring the well-known red and white Christmas coffee cup. The highest active <a href="https://www.niftygateway.com/marketplace/collection/0x9eadd65898f7f176ee27442b3a3638f9c78610cb/1?filters[onSale]=true&amp;sortBy=lowest" target="_blank" rel="noreferrer noopener">offer</a> for one of those is now $901.



The coffeehouse giant dropped the Siren Collection — its first premium NFT — in March 2023, with a base price of $100. As the name suggests, each of the 2,000 collectibles has a unique rendering of a siren, a creature from Greek mythology that lures sailors to their doom with their hypnotizing songs. As of today, one of these NFTs will cost you an average of $690.



Updated April 10, 2023 at 4:09 pm ET: Blockworks independently confirmed the &#8220;We&#8217;re Getting Closer&#8221; email was sent to Odyssey beta users.



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Starbucks Drops ‘First Store’ NFT Collection

Ornella Hernandez

NFTs may have taken a nosedive in popularity this year, but they haven’t completely left the chat.



Investor sentiment, driven by investor speculation, has cooled down since “panic” mode struck in May 2022 at the start of the bear market.&nbsp;



Weekly volume levels of marketplace activity exploded in January and remained elevated until the second week of May, when the <a href="https://blockworks.co/news/do-kwon-breaks-silence-terra-luna-was-essentially-my-life" target="_blank" rel="noreferrer noopener">Terra ecosystem crashed to zero</a>. The second half of 2022 then saw both trading volume in ether and number of users gradually decline back to early 2021 levels, according to <a href="https://dune.com/queries/1787028/2944471" target="_blank" rel="noreferrer noopener">Blockworks Research</a>. 



But the trend changed markedly in December, a month of renewed activity thanks to a few popular projects, such as the <a href="https://blockworks.co/news/starbucks-nfts-like-loyalty-cards" target="_blank" rel="noreferrer noopener">Starbucks NFT loyalty program launching their beta</a> and former US President Donald Trump’s NFT “trading cards” on the Polygon PoS chain. 



Increased minting of gaming NFTs on <a href="https://www.blockworksresearch.com/glossary#immutable-x" target="_blank" rel="noreferrer noopener">ImmutableX</a>, as well as Pudgy Penguins’ floor price flipping Doodles, are also notable events from this month. At the time of writing, Pudgy Penguins’ floor is 7.1 ETH and Doodles NFTs start at 6.9 ETH. 



The year-over-year trend is still way down this month, however; Cryptoslam.io <a href="https://www.cryptoslam.io/nftglobal?month=2022-12" target="_blank" rel="noreferrer noopener">data indicates</a> that global NFT sales generated $2.77 billion in December 2021. So far in December 2022, approximately $445.3 million has been registered in global NFT sales volume.



“I would say volume is pretty much non-existent since mid 2022,” said Blockworks research analyst Sam Martin. “You could even argue it’s been propped up thanks to new NFT marketplaces that people are trying to game to receive an airdrop like Blur or SudoSwap.”



SudoSwap’s creator royalty-free model sparked a massive debate on the value of NFT royalties when it arrived on the scene in August. Some marketplaces like Magic Eden tried a royalty-optional model before employing an open-source royalty enforcement tool, while <a href="https://blockworks.co/news/nft-creators-looking-for-royalties-face-an-uphill-battle-galaxy" target="_blank" rel="noreferrer noopener">OpenSea ended up enforcing royalties</a> by blocking transactions with smart contracts associated with 0% royalty platforms.



In any case, Spencer Gordon-Sand, founder of NFT-focused fund Spencer Ventures, is “surprised and encouraged by how well everything is holding up” given that the industry is going through its first bear cycle.



“The fact that none of the top projects had significant direct exposure to the FTX blowup is insane,” referring to profile picture (PFP) projects such as Bored Ape Yacht Club or Azuki or Moonbirds.



<h3 class="wp-block-heading">Blur’s impact becomes clear</h3>



Dec. 10 actually marked the first time since May that there had been more than 30,000 ETH of volume. The director of research at Proof.xyz, NFTstatistics.eth, <a href="https://twitter.com/punk9059/status/1601817634084835328?s=20&amp;t=6syksUSSg9oQ2tNzbTD88w" target="_blank" rel="noreferrer noopener">tweeted</a> that over 70% of ETH volume occurred on the Blur marketplace for blue chip collections in particular. 



<figure class="wp-block-image"><img decoding="async" src="https://lh3.googleusercontent.com/1fUHapZmxi10vPsNUacx8vpO7Hp9ZMyh_j01tpybR41B2v6NZBIwB-kvPcOnVatTaxp0QFbjCrYvM275S3CID9XV4_vxgV_Yrm5YsKBE6O5AfnkVNmGpMAl1LK6beIrCmwoaKnIrV3N_1kBj1WMDkiAPZEOQsRk2NoFnvJPp1Ar7yuAcs0R7U-soyKADdw" alt=""/><figcaption class="wp-element-caption">Daily NFT sales volume in ETH in December | Source: NFTGo</figcaption></figure>



“In the last year, a lot of people who were in the right place at the right time just rode the wave and got lucky,” Gordon-Sand added. “Now it’s much harder, but we are seeing the strongest founders rise to the top.”



<a href="https://blockworks.co/news/more-value-in-digital-collectables-than-their-physical-counterparts-nft-marketplace-ceo-says" target="_blank" rel="noreferrer noopener">Dibbs</a>, a blockchain-enabled fractional trading card marketplace, recently <a href="https://twitter.com/dibbs_io/status/1598319758012829703?s=20&amp;t=tFcRh609iNiBH9puKalBlA" target="_blank" rel="noreferrer noopener">commissioned</a> an “NFT Sentiment Report,” which surveyed hundreds of NFT adopters. The survey found that 84% of respondents would purchase NFTs if they are redeemable for physical items. 



This shows there is demand for collectibles with both physical and digital utilities, in addition to the NFT PRP asset class. Collections such as Nike’s RTFKT Cryptokicks iRL created sneakers with chips in them connecting the physical product to the digital asset via the RTFKT mobile app. Since launching on Dec. 11, the collection has generated 62.47 ETH or $7.5 million, <a href="https://opensea.io/collection/rtfkt-cryptokicks-irl/analytics" target="_blank" rel="noreferrer noopener">according</a> to OpenSea analytics.



If the December trend holds up in 2023, propelled by growing excitement for Web3, metaverse technology, further adoption of NFT loyalty programs and in-game digital assets, the NFT market may return to early 2022 levels of activity.



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NFT Collector Sentiment Inches Up in December

Brand loyalty programs become ever more relevant during the holiday season when consumers can expect rewards in the form of discounts, giveaways or gift packages.



Starbucks is brewing up a new flavor of rewards programs using Web3 technology. The coffeehouse chain recently launched its Starbucks Odyssey program in beta to a few thousand customers and employees in the US who have <a href="https://blockworks.co/news/polygon-to-power-starbucks-nft-loyalty-program" target="_blank" rel="noreferrer noopener">been on a waitlist since September</a>.



Blockworks’ Jason Yanowitz, the host of the Empire podcast, spoke to Adam Brotman, the co-founder of the Web3 consultancy Forum3 that worked closely with the Starbucks rewards team to devise the Starbucks Odyssey platform. Brotman also happens to be the former chief digital officer of Starbucks.



<figure class="wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio"><div class="wp-block-embed__wrapper">
<iframe loading="lazy" title="Why the Creator of Starbucks Rewards is Bullish NFTs" width="1024" height="576" src="https://www.youtube.com/embed/dsmp5nV7SV8?feature=oembed" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture" allowfullscreen></iframe>
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Brotman said blockchain-based digital collectibles can be an incredible loyalty, storytelling and brand engagement tool. 



“The consumer is changing,” Brotman said, when asked why NFTs are needed when Starbucks already has a successful mobile-based program that rewards money spent with discounts. The consumer, in Brotman&#8217;s view, “wants to be an owner, a participant, a community member…to be part of the story of the brand.”



These changing consumer habits provided an opportunity for Starbucks to build another layer on top of its existing loyalty program, rather than a replacement.&nbsp;


<div class="wp-block-image is-style-default">
<figure class="alignright is-resized"><img decoding="async" loading="lazy" src="https://lh3.googleusercontent.com/TA8Dy_qSfKewBdSpDPZXDJEhdNzOc4DgcrtNN_JEKTAqiZC1GiC_nC8Khb45LZfviwHnu2Z9_drovRxwfMe4mTUpF1RAbK_6UtTW9H8HZPy9y4S27uM57Ji1BiuB53czqIpxqOSviDEsbX0Qb_qG9rvBeNUa40FZ85AoDmlD63tmMHVPvWBoOgbAMh1IVg" alt="" width="455" height="485"/><figcaption class="wp-element-caption">The Starbucks Odyssey app, currently in beta</figcaption></figure></div>


Starbucks Odyssey was inspired by a December-only promotion for Starbucks Rewards members called Starbucks for Life, Brotman told Blockworks in a follow-up interview.



The more money users spend during December and play in-app mini games, the more stickers they can earn — and the higher their chances of winning free coffee or confections. 



Now instead of earning stickers and stars, users can be rewarded with digital collectibles.



<h3 class="wp-block-heading">NFTs as coupons with personality</h3>



Brotman framed the concept as “an always-on game layer,” and the objective of the game is to “get as many points as you can” by engaging in “journeys,” or challenges, and leveling up.&nbsp;


<div class="wp-block-image">
<figure class="alignright is-resized"><img decoding="async" loading="lazy" src="https://lh6.googleusercontent.com/CLOYR2PKCVdDAKl0d4lWAQvjTE37tsQS0X52Pk7ugi-C3QKv6tiqlay-fJvM9RNM9gIWGNIl51L5jJYigj5Bdc4TuXbIp3ce716go9w9iDVqhWDFAKuf9T6DjxpZ5gyJHFbMEMpTbCrt-Agv3nCwLUFnzQtVW5E907BkEeDEVGwERJnrijzq8Eaclm4ICw" alt="" width="274" height="456"/><figcaption class="wp-element-caption">The Starbucks Odyssey app, currently in beta</figcaption></figure></div>


Some examples of journeys, according to Brotman, include “going to a Starbucks store you&#8217;ve never been to this week, or trying a Starbucks drink you&#8217;ve never tried,” or watching a video on Starbucks’ agronomy practices at a company farm in Costa Rica.



When users complete these journeys, they earn the right to claim a Polygon-based NFT collectible known as a stamp, which also has points embedded in the metadata. In the case a user wants to buy more points, collectibles can be traded on a secondary marketplace built into the Odyssey platform by Nifty Gateway.



These NFTs then act as access passes to certain prizes and experiences, such as a trip to a Costa Rican coffee farm or access to an online coffee-making class or earning free coffee for a month. Every redemption period lasts three months, so it won’t be until April 2023 that beta users can redeem rewards. 



“What if your points could come to life,” questioned Brotman, comparing NFTs to coupons or vouchers “that have personality.” Brotman also mentioned Nike as another company that is “approaching the [Web3] space in a smart way” when it comes to customer loyalty. The brand, which owns the NFT project RTFKT, recently <a href="https://blockworks.co/news/web3-watch-yuga-labs-adds-to-portfolio-nike-creates-nft-marketplace" target="_blank" rel="noreferrer noopener">launched an NFT marketplace called .Swoosh</a> that rewards the community for engaging and co-creating virtual products.



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Are NFTs the New Loyalty Cards? Starbucks Thinks So

<div id="highlights-block_631f5b90a2293" class="highlights">
 <ul>
 <li>Starbucks had first hinted at developing Web3 experiences in May</li>
 <li>While built on Polygon, Nifty Gateway will provide NFT marketplace functionality</li>
 </ul>
 
</div>



Just as Greek hero Odysseus proves devotion to his wife in Homer’s epic poem The Odyssey, so too is Starbucks embarking on its own quest to test Web3’s power over brand loyalty.



The coffeehouse giant on Monday announced a partnership with Ethereum scaling platform Polygon, along with the creation of a new rewards program, Starbucks Odyssey.



As an extension of Starbucks’ existing Rewards program, the scheme will enable users to earn and purchase digital collectible assets — NFTs — that will unlock certain benefits and “immersive coffee experiences,” according to the company.&nbsp;



US-based Starbucks rewards members and employees, who the chain refers to as “partners,” can play games and complete challenges that test their knowledge of coffee and the Starbucks brand.&nbsp;



The reward? NFTs, or as the company calls them: “journey stamps.”



Members can also purchase NFTs with either crypto or a credit card and trade them in a custom Starbucks Odyssey marketplace. No crypto wallet or cryptocurrency will be required.



As NFTs are collected, members’ points will increase. As more points are acquired, the better the rewards to choose from.&nbsp;



Some potential experiences could include a virtual espresso martini-making class, invitations to events at Starbucks Reserve Roasteries or even trips to Starbucks Hacienda Alsacia coffee farm in Costa Rica.



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">Guess what’s brewing today? ☕️<a href="https://twitter.com/Starbucks?ref_src=twsrc%5Etfw">@Starbucks</a> unveils Starbucks Odyssey <a href="https://twitter.com/hashtag/onPolygon?src=hash&amp;ref_src=twsrc%5Etfw">#onPolygon</a>! A unique experience that enables you to earn and buy digital collectible stamps and unlock new, coveted coffee experiences. 🌟 Read more 👉🏽 <a href="https://t.co/U8nKjUb8sY">https://t.co/U8nKjUb8sY</a> <a href="https://t.co/nvJ37y9s0a">pic.twitter.com/nvJ37y9s0a</a>&mdash; Polygon &#8211; MATIC 💜 (@0xPolygon) <a href="https://twitter.com/0xPolygon/status/1569302728005804037?ref_src=twsrc%5Etfw">September 12, 2022</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
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The Starbucks Odyssey web app was built on Polygon’s proof-of-stake sidechain and intends to enable near-zero gas fees and high transaction speeds. Although, increased throughput has come in exchange for a degree of decentralization when compared to the Ethereum mainnet.



Ethereum co-founder Vitalik Buterin <a href="https://youtu.be/XW0QZmtbjvs?t=4771" target="_blank" rel="noreferrer noopener">previously voiced</a> caution about the centralized supply of Polygon’s MATIC token and its potential impact on consensus and overall security. (Polygon is separately <a href="https://cms.blockworks.co/polygon-unveils-zkevm-the-holy-grail-of-scaling/" target="_blank" rel="noreferrer noopener">working on a zero-knowledge rollup implementation</a> that could mitigate some of those concerns, while any future Starbucks activity is likely to be secure regardless.)



In any case, Polygon’s native token MATIC responded with a meager 3% boost to Starbucks’ announcement, peaking at $0.93 at the time of writing — more than 160% above yearly lows recorded in June but still 69% below record highs posted in December.



<a href="https://cms.blockworks.co/nifty-gateway-wants-nft-curators-to-sell-art-with-publishers-pilot/" target="_blank" rel="noreferrer noopener">Nifty Gateway</a>, the Gemini-owned NFT art marketplace, will <a href="https://twitter.com/niftygateway/status/1569333882578784257?s=20&amp;t=Z18p2P0k3e20uMpKkgHabw" target="_blank" rel="noreferrer noopener">provide secure NFT storage</a> and marketplace functionality to the Starbucks Odyssey experience, Nifty told Blockworks. 



A portion of the proceeds from the NFT sales will be donated to charity. The waitlist for the Starbucks Odyssey is live now, with the program slotted to launch later this year.



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