NFT Weekly: Beyoncé, Bruno Mars Hitmakers Go Ape
Starbucks has been an early adopter of crypto – or at least an early experimenter – since 2019, when it first began testing various pay-with-bitcoin tools, particularly through its loyalty program.
Now it is adding non-fungible tokens (NFTs) to its Starbucks Rewards loyalty program via the Starbucks Odyssey program, which will give members “the opportunity to earn and purchase digital collectibles that will unlock access to new benefits and immersive coffee experiences.” “
See also: Starbucks launches loyalty program built on NFT Tech
Specifically, members will be able to participate in “journeys” that include playing games and taking on challenges that expand their coffee knowledge and give them the potential to earn experience rewards.
These rewards range from espresso-martini-making classes and events at Starbucks Reserve Roasteries to—at the top level—visits to Starbucks’ Hacienda Alsacia coffee farm in Costa Rica. Merchandise and NFTs from both Starbucks partners and outside artists will also be available, and limited edition, cause-supporting NFTs will also be offered.
Read more: Big brands replacing memberships, loyalty programs with NFTs
The NFTs, called stamps, can be earned or bought and will have point-based rarity. They can be collected on the Starbucks app – no special digital wallet required – and can be bought and sold on a separate marketplace.
The program, which was announced on September 12, is currently on a waiting list and will launch starting this year.
It will be a big win for the Polygon blockchain, which is generally considered one of the “Ethereum-killer” blockchains competing with the best smart contract platform, even though it is actually a Layer 2 scaling solution built on top of Ethereum. Minting new NFTs on Ethereum can be very expensive due to high transaction fees.
Related: Blockchain Basics Series: What is Polygon? An Ethereum killer hedges its bets
Polygon is, Starbucks noted, an environmentally friendly Proof-of-Stake (PoS) blockchain. Ethereum is switching from its horribly polluting bitcoin-style Proof-of-Work blockchain to PoS-based Ethereum 2.0 this week, following a year-long process that will finally make it scalable enough to handle payments at scale.
Learn more: Ethereum 2.0 may be greener, but is it scalable enough for payments?
Small scale, big success
On the other side of the loyalty program spectrum, Soapy Joe’s, a San Diego car wash company with 17 locations, has seen a boom in business and marketing success since starting a loyalty program game for scavengers with NFTs as rewards, CoinDesk reported.
The NFTs unlock loyalty program rewards ranging from keychains and theme park tickets to free annual car wash memberships. NFT-related emails have an open rate of 71% – well above normal – and 2,000 customers have minted 10,000 digital collectibles, with program membership up 10%.
Monkey Music
Universal Music Group (UMG) has launched Kingship, a virtual band fronted by a quartet of Bored Ape Yacht Club NFT avatars.
Coming under the label 22:22, a new UMG Web3 label, the Gorillaz-esque act will be led by executive producers/songwriters James Fauntleroy and Chauncey Hollis Jr., better known as Hit-Boy. The pair have worked with artists such as Bruno Mars, Justin Timberlake, Beyoncé and Jay Z.
See also: As more industries jump in, a future for NFTs is beginning to take shape
They will host the musical finale while the extremely expensive NFT monkeys star in the videos. It will be the highest-profile use yet of a BAYC avatar, which has been widely used publicly since developer Yuga Studios granted owners full commercial rights – something very rare in the NFT world.
Read more: Seth Green’s Kidnapped Bored Ape shows NFT’s growing commercialization
It has given the brand, whose avatars sell for six figures, a lot of publicity. For example, comedian Seth Green is producing an otherwise live TV show that will star his Bored Ape.
Pulp friction
Filmmaker Quentin Tarantino has settled a lawsuit over the creation and sale of NFTs related to his 1994 blockbuster “Pulp Fiction.” Tarantino has reached an agreement with Miramax, the studio that distributed the film, over his January sale of a series of related NFTs , The Verge reported.
Tarantino has said that the NFTs, which unlocked secrets about the story, were related to the script, to which he has rights. Miramax said it was covered by the rights to an “emerging technology” – after the NFT sale gained a lot of attention after the first one sold for more than $1 million.
Aside from the money, a lawsuit would have the potential to set a precedent about who owns the rights to NFTs based on trademark and copyright contracts that predate the technology.
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