Starbucks to launch Web3 platform, NFTs
How about an NFT with a Starbucks coffee? In May 2022, Starbucks plans to announce its intentions to join the web3 arena by introducing its own collection of NFTs. The coffee giant plans to introduce its third place idea to the world. As a place to unplug from the world, relax and enjoy the time between work and home, it will serve as a refuge from the real world. Starbucks is expanding its loyalty experience from the physical to the virtual realm. It has created a worldwide community for its users to access special coffee-related experiences.
The NFT collection will be released on Starbucks’ artistic theme. It will collaborate with other international innovators to get inspiration for its NFT collection theme. The Starbucks community will help grow the brand’s image, engage its international partners, and, ultimately, contribute to its revenue. Starbucks is hoping to grow into a full-fledged virtual community that will be centered on its coffee and then will branch out into art, music, and books.
Starbucks’ new third place concept incorporates an NFT area that is a warm and welcoming setting. It is a digital place that allows users to connect and establish a community away from home and office. This branding concept of third place will enable people to have a sense of belonging while enjoying their coffee and relaxing a bit. The latest web3 technology and NFTs have enabled this vision and encouraged Starbucks to expand its framework. Starbucks’ community will be expanded with additional features like ownership and community-based membership options.
Starbucks’ approach to blockchain technology will most likely be multi-chain or chain agnostic in the end. The coffee giant will begin with data and infrastructure backed by blockchain, which is consistent with its long-term commitment to sustainability. Starbucks intends to proceed in different stages, and is ready to move quickly, and collaborate. Later this year, it aspires to launch the first ever NFT collections, membership, and community, which will be themed on storytelling and coffee art. Starbucks hopes that the initial collection will serve as a baseline for its future collection and partnerships.
Starbucks is expected to add an undetermined set of unique privileges to the service it already provides. It plans to offer a collection of branded NFT to build a community of owners who will get special bonuses and rewards. Starbucks believes NFTs have the potential to increase customer loyalty, offer differentiated experiences, build communities, and tell a compelling story to customers. The company, however, has not revealed what perks and benefits the owners will receive.
NFT will adhere to Starbucks’ green stance and support different blockchain technologies. The community will be built on a web3 platform that aligns with its sustainability approach. Starbucks did not specify the blockchain technology to be used for NFT collections.