Frequent Flyer Miles as Collateral

By jer979!! | | 16 Sep 2022

I saw a tweet about Starbucks initiating an NFT program. They got all of the “Web3” marketing buzz you might expect or want.

The only thing is, unless I completely misread it, it’s really not a “Web3” thing.

If “Web3” is about ownership, then this NFT program is a kind of pseudo-ownership. I mean, you own it, but there are a lot of rules that apply as to what you can and can’t do with it, the most obvious one being that you are limited to using it within the Starbucks ecosystem.

That’s a walled garden by another name.

One day, I’ll be able to take my Starbucks points or my United frequent flyer miles and use them as collateral for a loan or trade them for a sporting event ticket or buy stocks or tokens with them.

That will be Web3.

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