Starbucks is branching out into the world of non-fungible tokens (NFTs). The Seattle coffee giant unveiled intentions to employ blockchain-based technology to create a digital community and grant access to unique privileges as part of its quarterly earnings release on Tuesday.
Starbucks is attempting to bring its „Third Place“ concept — a space that exists somewhere between home and work — to the digital realm. Starbucks customers will be able to buy one-of-a-kind NFTs and utilize them to gain privileged access to Starbucks-related activities and rewards.
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This is a natural extension of the firm’s other tech-driven initiatives, such as mobile ordering, in-store WiFi, and the Starbucks Rewards program. The new platform, which will roll out later this year, is described as “Starbucks Digital Community Web3.
”This community will further strengthen the Starbucks brand, engage our partners, and we expect it to be accretive to our business,” Starbucks Chief Marketing Officer Brady Brewer said on the company’s earnings call Tuesday. He also added that Starbucks is “making deliberate choices to build the community on environmentally sustainable Web3 platforms.”
“What if Starbucks could create a new, global digital community – a community defined by collaboration, experiences, and shared ownership – all centered around coffee to start, and then perhaps expanded into the many of the areas Starbucks has played in over the years as a coffeehouse; art, music, books and beyond?”
Starbucks CEO Howard Schultz recently got back at leading the firm and hinted at the NFT business last month during an internal town hall meeting. Other consumer businesses (e.g. Taco Bell or Papa John’s) are experimenting with NFTs as well. iHeartMedia is launching a new podcast network based on NFT too. As an NFT, TIME published the first-ever full magazine issue.
As NFTs went viral in 2021, many big firms understood that NFTs are something revolutionizing and their adoption is necessary. Every company is starting to dip its toes into the NFT world and big companies understand that. Starbucks is one of the latest organizations to do so and it’s only a piece of the unfolding puzzle.
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author: Rene Remsik
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.