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.”