Starbucks teases Web3 platform in NFT announcement

Popular coffee chain Starbucks is planning to launch a series of NFT collections that will be chain-agnostic, and will have benefits linked to actual physical locations

By Shashank Bhardwaj

Image: Shutterstock

Starbucks has plans to launch a series of NFT collections, the company posted in a blog post on Tuesday. Users will soon be able to buy Starbucks NFTs to gain access to the global Starbucks community where members will be able to enjoy exclusive coffee-related experiences and benefits.

Brady Brewer, head of marketing at Starbucks, said, "The theme of this collection will be born out of Starbucks’ artistic expression, both legacy and newly created, as well as through world-class collaborations with other innovators and like-minded brands."

The move comes as one of the many initiatives Starbucks is embarking upon to expand the connotation of ‘third place’ i.e. a digital world between home and work, where customers will be able to have unique experiences via special access and will also be able to buy NFTs from the Starbucks collection.

Brewer said, "We believe NFT has [a] vast potential to create an extended co-ownership model for loyalty, offering unique experiences, community building, storytelling, and customer engagement."

Starbucks said in the blog post that the NFT collection launch would complement its other technology and app-based initiatives, such as mobile ordering, Starbucks Rewards Program, in-store WIFi, etc. The company is also readying itself to enter the web3 space via the ‘Starbucks Web3 Digital Community’, which will possibly be tied to its mobile payments in-store. Starbucks said, “This community will further strengthen the Starbucks brand, engage our partners, and we hope it will add to our business."

The company added that the web3 community platform would help it create a digital ecosystem well-connected to its current digital offerings. The web3 community platform could provide an additional source of business, subsequently benefitting stakeholders. The Starbucks app is the second-largest mobile payments app in the US, only after Apple Pay, with 30 million active users.

The company plans to enter the NFT arena before 2022 ends, as per Starbucks CEO Howard Schultz’s tip-off at a town hall meeting in early April. The details of the launch of the NFT collection and web3 community haven’t been revealed yet.

The company has so far revealed little about the blockchains it was considering specifically for its venture. The company said it would choose any blockchain that is fast and inexpensive. “Our approach to blockchain technology, while ultimately likely to be multi-chain or chain agnostic, will certainly start with collections backed by blockchains and infrastructure that is consistent with our multi-decade commitment to sustainability,” the post said.

Shashank is the founder at yMedia. He ventured into crypto in 2013 and is an ETH maximalist. Twitter: @bhardwajshash

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