Source: Graeme Dawes – Shutterstock
- Starbucks Odyssey NFT program chose Polygon (MATIC) due to its energy-efficient proof-of-stake technology.
- Currently, the Starbucks Odyssey Program is available to United States customers; thus, BoA anticipates more users after it is opened to global customers.
The Polygon (MATIC) network has recorded a high influx of Web3 developers seeking to tap into the Ethereum ecosystem. The Polygon network continues to reign in the Ethereum layer 2 scaling solution with key companies, including Meta, Disney, Reddit, and Starbucks, already building products on its ecosystem. As a result, the Polygon (MATIC) team has several scaling solutions in testnets and others in development. Among the scaling products in development include Polygon zkEVM and Polygon Miden. The race to become the top Ethereum sidechain has seen Polygon seek external funding, whereby the network managed to raise $450 million earlier last year.
As of today, the Polygon network has a market capitalisation of approximately $10 billion with a 24-hour trading volume of about $577,801,499. With the deep pockets amid a heightened bear market that has seen crypto companies struggle to stay afloat, Polygon network continues to make strategic hiring from different parts of the world.Polygon Labs President Ryan Wyatt recently noted:
We knew from the Big Tech side what these companies like Starbucks or Nike or Meta are looking for, from the point of first outreach and conversation all the way through the tech integration, authentically landing it in the space, implementation, [and]go-to-market.
According to data provided by Messari, Polygon and its PoS sidechain dominated the Ethereum scaling market during the third quarter of 2022. With mixed financial results, the Polygon network has recorded an increase in staked MATIC tokens.
BoA Says Starbucks Odyssey on Polygon is Succeeding
According to analysts from the Bank of America, the Starbucks Odyssey NFT program is seeing encouraging signs of early success. Notably, Starbucks’s Odyssey program, an extension of Starbucks Rewards that seeks to expand brand loyalty in the virtual world, currently accepts members from the United States.
“Odyssey affords the ability to evolve loyalty beyond its transactional origins,” a team of analysts led by Sara Senatore wrote in a Feb. 28 note. “Just as members can earn n Points by completing interactive journeys (in addition to purchasing beverages), they can also redeem them for interactive experiences, including access to exclusive events and int’l trips.”
The Bank of America analysts further noted that the Starbucks Odyssey program is more holistic than the industry’s prior NFT forays. Moreover, the Starbucks Odyssey NFT program combines the prowess of the Polygon network with real-world utility.
Having participated in 4 airdrops, Starbucks Odyssey has attracted over $174k in total volume. According to data provided by Nifty Gateway, the Holiday Cheer Edition 1 Stamp has a floor price of approximately $1,694 with a total volume of $133k. The ‘Bean to Cup Journey Stamp NFT collection has a floor price of about $89 and a total volume of approximately $18k.
