Starbucks Has Entered The Realm of NFTs

While NFT is one of the year’s most buzzed-about tech acronyms, Starbucks‘ announcement comes from a Wall Street Journal report that the NFT market is „flatlining.“ The coffee powerhouse indicated its plans to employ blockchain-based technology to build a digital community and give members access to unique benefits.

related: Starbucks Is About To Sell NFTs With Coffee

Starbucks NFTs 

Non-fungible tokens, or NFTs, are a new type of blockchain feature that enables consumers to protect individual rights to artworks, films, images, and other digital information. The firm stated that it would expand its NFT community on an „environmentally sustainable“ web3 platform, which it claimed might be more following its current sustainability objectives.

„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 post stated. According to the organization, this anthology would serve as the foundation for future projects and partnerships in the web3 industry. 

Starbucks NFT

However, given Starbucks‘ reputation for being way ahead of the game in adopting new technology, it’s no surprise that the corporation would be eager to explore the NFT field. Its digital payment gateway, for example, was a forerunner in the concept of utilizing a phone to pay for orders long before Apple Pay and other NFC-based tap-to-pay checkout experiences became widely available.

The approach to blockchain technology, while ultimately likely to be multi-chain or chain agnostic – will undoubtedly start with collections backed by blockchains and infrastructure consistent with our multi-decade commitment to sustainability. The company hasn’t decided which blockchain it will use or if it will use more than one. Still, any strategy it chooses will inevitably be sustainable — even though researchers have found that eco-friendly blockchain promises aren’t necessarily true.

Still, all Starbucks needs to do is develop an effortless experience for its 26.7 million rewards members to use crypto wallets, protect their accounts from phishing assaults, and safeguard its processes from smart contract problems or worse. After that, businesses can add digital knickknacks with a verifiable and immutable record of ownership to each transaction, provided that’s what customers and staff desire.

The use case of Starbuck NFTs or the working of Starbucks NFTs is no different than any other project. The core purpose of the idea is to build and connect the community, even in a digital place. Starbucks NFTs will initiate community membership, making these NFTs utility-based tokens shoveling exclusive perks to its members. The company does not yet disclose community membership perks. 

Yet critics believe that Starbucks is unnecessarily jumping into the NFTs as it could have added these perks to the already existing app to incentivize its old customers. However, the company is flowing with the trend and plans to bring the experience to web3 too.

Conclusion

With more companies getting into the digital world, the trust in cryptocurrencies is becoming mainstream, and NFTs are here to stay rising. Also, this paves the way for the easy adaption of newer technologies like Web3 and metaverse.

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sources: Twitter, TechCrunch

author: mnmansha

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.