Starbucks shutters NFT loyalty program after Polygon splurges $4M on flashy crypto deal

Polygon Labs paid $4 million to Starbucks to host its NFT-based loyalty program Starbucks Odyssey on the Polygon network.

The deal was part of Polygon's previous strategy under past leadership to pursue flashy partnerships for marketing value. Polygon has since shifted focus to building innovative tech.

Starbucks was genuinely interested in a Web3 partner and considered Solana and Liquid Network before choosing Polygon.

Starbucks Odyssey sought to reimagine the coffee chain's loyalty program by rewarding members with collectible NFT "stamps" that had real monetary value.

After an 18-month beta test, Starbucks abruptly announced it was shutting down Odyssey, disappointing members who had invested time and money into the program.