Starbucks To Launch NFT, Offer Access To Unique And Exclusive Experiences This Year

Starbucks also teases Web3 Platform in NFT announcement (Photo: Starbucks)

JAKARTA - In its Q2 2022 fiscal earnings report, Starbucks plans to create an NFT collection that serves as your access to the global Starbucks community, a community with exclusive coffee-related experiences and benefits.

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

Starbucks is trying to expand the concept of a “Third Place”, a place between home and work, into the digital world. Customers will be able to purchase unique NFTs from Starbucks and use them to gain special access to Starbucks-related experiences and perks.

The company says this is a follow-up to other technology-based initiatives such as mobile ordering, in-store WiFi and the Starbucks Rewards program.

The new platform that will be launched later this year is called the 'Starbucks Web3 Digital Community'. "This community will further strengthen the Starbucks brand, engage our partners, and we hope it will add to our business."

They added that this could be an additional source of business that could benefit a number of stakeholders in the process, while creating a new type of digital ecosystem to complement Starbucks' current offering of digital platforms.

"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," added Brewer.

The Starbucks Digital Community Web3 Platform has the potential to pioneer a broadly accessible and approachable front-end combination, powered by the right blockchain technology, fast and inexpensive.

Last month, Starbucks CEO Howard Schultz said he plans to go into the NFT business. He said that the company will enter the NFT business arena before the end of 2022.

Even so, Schultz did not provide a detailed date regarding when the exact time for the company to enter the world of Non-Fungible Tokens. However, the plan was approved by the company.