Starbucks NFT? Firm Prepares NFT Launch Around Coffee

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Coffee giant Starbucks plans to launch a series of non-fungible token (NFT) collections later this year. In the collection, the individual digital collectibles will provide their holders access to exclusive content experiences and other benefits. The firm disclosed that their NFTs will likely be chain-agnostic and come with benefits tied to its physical locations.

“Imagine acquiring a new digital collectible from Starbucks, where that product also serves as your access pass to a global Starbucks community, one with engaging content experiences and collaboration all centered around coffee.” – Brady Brewer, Starbucks Executive Vice President

Howard Schultz, Starbucks CEO, along with executive vice president and chief marketing officer, Brady Brewer, announced along with their Q2 report published last May 3rd that Starbucks will add “new concepts, such as ownership and community-based membership models that we see developing in the Web 3 space.”

Starbucks pitched its plans to investors by explaining how NFTs can help Starbucks extend its brand’s concept of the “third place”—a place between home and work where people can feel a sense of belonging over coffee.

Consequently, following the mass call out for environmental issues regarding NFTs, the company stated that it would build out its NFT community on an “environmentally sustainable” web3 platform. Starbucks is one of the pioneers in adopting environment-friendly practices and has existing sustainability commitments. 

So far, the company has not yet disclosed what sort of blockchain technology would be involved with its NFT collections, however, but said it was likely to be “multi-chain” or “chain agnostic.”

According to a company blog post by Brewer, and company advisor Adam Brotman, Starbucks plans to create a series of branded NFT collections, the ownership of which initiates community membership, and allows for access to exclusive experiences and perks. 

“The themes of these collections will be born of Starbucks artistic expressions, both heritage and newly created, as well as through world-class collaborations with other innovators and like-minded brands.”

Starbucks

To ensure the success of its venture, aside from the promise of an “environmentally sustainable” web3 platform, current interim CEO Howard Schultz said that the company is also looking for a new CEO who “understands the potential of these new technologies.”

“I think the next CEO is going to be a creative person who’s going to understand that the equity of the Starbucks brand has real legitimacy and relevance outside of our stores. And the world we’re living in today, our customer base is getting younger, they’re digital natives, and they expect Starbucks to be as relevant outside of our stores as we are inside…the new CEO, obviously, needs to have an understanding and a grasp and a conviction on the fact that we can play in multiple theaters that could be accretive on their own merit and complementary to our retail business,” explained Schultz.

Interested in learning more about NFTs? Read more of our articles on the BitPinas website.

This article is published on BitPinas: Starbucks NFT? Firm Prepares NFT Launch Around Coffee

Disclaimer: BitPinas articles and its external content are not financial advice. The team serves to deliver independent, unbiased news to provide information for Philippine-crypto and beyond.

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