loyalty

Starbucks Abandons Odyssey NFT Initiative

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Update: Starbucks announced Friday that it’s discontinuing its NFT program, to “prepare for what comes next as we continue to evolve the program,” according to an FAQ page. “I think this year we’re going to see a lot of community-based brand building,” he shared on TechCrunch’s Chain Reaction podcast. Starbucks launched Starbucks Odyssey in 2022 as its initial foray into the web3 world. The experience combined the company’s Starbucks Reward loyalty program with NFTs to enhance customer experiences, TechCrunch previously reported. Subscribe to Chain Reaction on Apple Podcasts, Spotify or your favorite pod platform to hear more stories and tips from the entrepreneurs building today’s most innovative companies.

“Navigating Brand Loyalty: How Starbucks Odyssey’s Community Lead Embraces NFTs”

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“Brand anchors” to gated areas like reward programs are something that companies will expand upon in 2024, he said. “I think this year we’re going to see a lot of community-based brand building,” he shared on TechCrunch’s Chain Reaction podcast. Starbucks launched Starbucks Odyssey in 2022 as its initial foray into the web3 world. The experience combined the company’s Starbucks Reward loyalty program with NFTs to enhance customer experiences, TechCrunch previously reported. This never would have happened if not for web3.”The loyalty program has a five-tiered system with over 58,000 active participants at least on level one, Kaczynski said.

“General Catalyst Founds $200M Investment in Bilt Rewards, Boosting Valuation to Impressive $3.1B”

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Bilt Rewards, whose platform aims to allow consumers to earn rewards on rent and daily neighborhood spend, has raised $200 million at a $3.1 valuation, the company announced today. General Catalyst led the financing, which more than doubles the New York-based company’s valuation compared to its $150 million October 2022 raise. Ken Chenault, chairman and managing director of General Catalyst, is joining Bilt’s board of directors as part of the new funding. It launched its rewards program in April of 2022. Bilt also offers a co-branded Mastercard, issued by Wells Fargo, that can be used to pay rent and earn Bilt Points with no transaction fees.

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