According to BofA’s analysts, the Starbucks Odyssey NFT program in partnership with this altcoin is showing encouraging signs of success.
This altcoin web3 developer recorded stream
The Polygon (MATIC) network has recorded a high influx of Web3 developers looking to leverage the Ethereum ecosystem. The Polygon network continues to dominate the Ethereum layer 2 scaling solution, with key companies like Meta, Disney, Reddit, and Starbucks already building products in its ecosystem.
As a result, the Polygon (MATIC) team has many scaling solutions in testnets and in development. Scale products in development include Polygon zkEVM and Polygon Miden. The race to become the top Ethereum sidechain saw Polygon seek outside funding, thanks to which the network managed to raise $450 million early last year.
The Polygon network has a market capitalization of approximately $10 billion and a 24-hour trading volume of approximately $577,801,499, according to cryptokoin.com data. With deep pockets in the midst of an emerging bear market where crypto companies are struggling to stay afloat, the Polygon network continues to recruit strategically from different parts of the world. Ryan Wyatt, President of Polygon Labs, recently noted:
“In terms of Big Tech, we knew what companies like Starbucks, Nike or Meta were looking for, we had all the information, from first point of access and talking point to technology integration, to place it in a unique way, to implementation, to go to market.”
According to data provided by Messari, Polygon and the PoS sidechain dominated the Ethereum scaling market in the third quarter of 2022. With mixed financial results, the Polygon network saw an increase in staked MATIC tokens.
BofA says Starbucks Odyssey is a success
The Starbucks Odyssey NFT program is seeing encouraging early signs of success, according to analysts from Bank of America (BofA). In particular, Starbucks’ Odyssey program, an extension of Starbucks Rewards aimed at increasing brand loyalty in the virtual world, currently accepts members from the United States.
“Odyssey provides the ability to develop loyalty beyond its transactional origins,” wrote a team of analysts led by Sara Senatore in a February 28 note. In addition, ‘Members can earn n points by completing interactive journeys (in addition to purchasing drinks) and redeem them for interactive experiences, including access to special events and international trips.’ he added.
BofA analysts also noted that the Starbucks Odyssey program is more holistic of the industry than previous NFT raids. Plus, the Starbucks Odyssey NFT program combines the ingenuity of the Polygon network with real-world utility.
Starbucks Odyssey, which participated in 4 airdrops, achieved a total sales volume of over 174 thousand dollars. According to the data, the Holiday Cheer Edition 1 Stamp has a base price of about $1,694 and a total volume of $133,000. The “Bean to Cup Journey Stamp” NFT collection has a base price of approximately $89 and a total volume of approximately $18,000.
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