What Starbucks’ New NFT’s Really Mean For Rewards Members

The exact date when Starbucks’ PSL will return in 2022 is no longer the only thing for Starbucks fans to get excited about this September. On September 13, Starbs will be unveiling the details of its new NFT-based rewards program. The announcement will be made at the company’s annual Investor Day. Based on statements made by Starbucks founder and interim CEO Howard Schultz during a recent quarterly earnings call with investors, it seems, more accurately, that Starbucks will be using NFTs to build on its existing loyalty program (via TechCrunch).

This would not be the first instance of a restaurant chain turning NFTs into customer perks. Restaurant Business reports that Applebee’s launched a “Metaverse Mondays” campaign that included the sale of digital art. For $25, the owner not only got a technicolor burger but a $1,300 gift card. According to Quartz, Taco bell and Domino’s also hope to turn NFTs into loyalty points.

Schultz stated that Starbucks expects the new NFT-revamped rewards to “attract new customers,” and “expand our digital third place community,” under the auspice that collecting these Starbucks-branded digital collectibles and the real-world privileges some may represent will foster a virtual community. In addition to virtual merch, the new NFT revamp is intended to “[offer] a broader set of rewards, including one-of-a-kind experiences.” While the full plan will be revealed next month, there’s no word yet on when it will go into effect in the (virtual) real world.