Starbucks is entering into NFT business offering ‘unique experiences’ to users

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Soon, you will be able to get non-fun­gi­ble tokens (NFTs) of your favourite lat­te or frap­pu­ci­no. Star­buck has announced plans to enter the web3 space with the launch of its NFT col­lec­tion lat­er this year.

The cof­fee giant announced the idea of re-imag­in­ing com­mu­ni­ty, loy­al­ty pro­grams, and con­sumer engage­ment.  “We are cre­at­ing the dig­i­tal third place. To achieve this, we will broad­en our frame­work of what it means for peo­ple to be a mem­ber of the Star­bucks com­mu­ni­ty, adding new con­cepts such as own­er­ship and com­mu­ni­ty-based mem­ber­ship mod­els that we see devel­op­ing in the web3 space,” wrote Brady Brew­er, Star­bucks Chief Mar­ket­ing Offi­cer, in a blog post.

The com­pa­ny wants to ensure that the NFTs have some util­i­ty. The NFTs as the com­pa­ny defines them, would be an “access pass pro­vid­ing cus­tomers with spe­cial expe­ri­ences and perks.” This is sup­posed to be rolled out lat­er this year.

“We plan to start with our first NFT col­lec­tion, mem­ber­ship and com­mu­ni­ty lat­er this year, based on cof­fee art and sto­ry­telling. It will come with a host of unique expe­ri­ences and ben­e­fits, wor­thy of a gen­e­sis NFT col­lec­tion from Star­bucks.” The com­pa­ny also made it clear they are look­ing to onboard a new CEO who “should have an under­stand­ing of web3 tech­nolo­gies, as they could help Star­bucks bet­ter con­nect with younger peo­ple,” Brew­er said.

Brew­er believes that the company’s his­to­ry with loy­al­ty, mobile pay­ment, mobile order­ing and Wi-Fi will make it eas­i­er for users to adapt to the new change.

Talk­ing about its sus­tain­abil­i­ty goals, the cof­fee giant said that for NFT cre­ation or ‘mintin’ it will use envi­ron­men­tal friend­ly blockchains that are “fast and inexpensive.”

“Star­bucks also has a his­to­ry of tak­ing lead­ing-edge tech­nol­o­gy, inno­vat­ing and mak­ing it acces­si­ble and approach­able for main­stream audi­ences,” the com­pa­ny not­ed. The com­pa­ny aims to make the NFT busi­ness a source of accre­tive busi­ness that can ben­e­fit sev­er­al stake­hold­ers in the process while cre­at­ing a new type of dig­i­tal ecosys­tem to com­ple­ment Star­bucks’ cur­rent dig­i­tal plat­form offering.

Ear­li­er in April, Star­bucks CEO Howard Schultz announced plans to get into the NFT busi­ness. Schultz in a town hall meet­ing aimed at Star­bucks work­ers amid a mas­sive union dri­ve said that it is work­ing on “dig­i­tal inno­va­tion through NFTs and plans for the con­tin­ued evo­lu­tion of part­ner ben­e­fits, with more detail expect­ed in the weeks ahead.”



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