Danny is CoinDesk's Managing Editor for Data & Tokens. He owns BTC, ETH and SOL.
Polygon Labs paid $4 million to host Starbucks Odyssey, the NFT-powered loyalty program that made headlines as a crypto biz-dev coup.
Polygon Labs paid $4 million to the coffee giant in 2022 as part of their deal to build and host a blockchain-based loyalty program, Starbucks Odyssey, on the Polygon network, according to two people familiar with the matter. The payout ended a competitive hunt by proponents of at least three blockchain ecosystems who wanted to partner with Starbucks, a third person said.
Forum3 chose Polygon for its tech, one former Polygon employee said. But the deal also came with the grant as well as extensive technical and marketing support to help Forum3 set up the Starbucks loyalty program, that person said.Starbucks Odyssey sought to reimagine the coffee company's popular loyalty program with a crypto tint, according to a case studyby Forum3 in January. Members would get"stamps" for completing tasks.
A former Polygon employee who worked on the Starbucks deal said it was no surprise Odyssey is shutting down.
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