The coffee giant Starbucks revealed its ambitions to enter the web3 industry with the introduction of its NFT series later this year, where the unique digital collectibles also give their holders access to special content experiences as well as other perks. They unveiled plans to use blockchain-based technologies to design a digital community as well as provide access to exclusive perks.
The concept will roll out as some sort of online collectible-enhanced loyalty program driven by last year’s buzziest word, non-fungible tokens (NFTs). An undetermined set of special advantages is expected to add to the value Starbucks now gives, which is having stores practically everywhere.
The firm emphasized its ambitions to shareholders on its fiscal Q2 2022 earnings call by outlining how NFTs may help Starbucks spread its brand’s notion of the “third place” — meaning a space between work and home where people can experience a sense of belonging over coffee.
The firm said it will expand and extend its NFT community on an “ecologically sustainable” web3 platform — a choice it claimed might be more in accordance with its existing sustainability objectives. The business didn’t say what form of blockchain technology would be engaged with its NFT collections, though, but claimed it was expected to be “multi-chain” or “chain agnostic.”
While Starbucks seemed to be light on the specifics about what its inaugural set of NFTs might look like, who would design those, or what kind of participation features they’d focus on providing, it actually explained that it sees the opportunity to generate an investable business adjoining to its stores in which digital collectible items aren’t just bought in pure speculation, but truly, double as an access pass offering customers with special interactions and perks.
“Many people perceive NFTs as a new kind of ownership of digital artwork, typically exchanged in a very speculative fashion. While that’s proven true on some level in the early days in space, we are excited by how NFTs allow individuals to own a programmable, brandable digital asset that also functions as an access pass,” said the Head of Marketing, Brady Brewer.
“We think NFTs have vast potential to establish an extended, shared-ownership paradigm for loyalty, the providing of diverse experiences, community development, storytelling, and consumer engagement,” Brady Brewer added.
Brady further noted, “We want to establish a number of labeled NFT collectibles, the ownership of which begins community membership and enables access to special experiences and incentives. The themes of these collections will be born through Starbucks aesthetic expressions, both legacy and freshly generated, and via world-class partnerships with other innovators and some like-minded brands.”
Starbucks has more than 30,000 outlets and employs over 400,000 employees. The corporation is facing a strong unionization campaign.
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