Starbucks NFT will provide users with ‘unique experience and benefits’ as the launch is set for this year

As part of their first initiative into web3, the coffee giant announced this week its plans to launch its own NFT collection later on the year. The company stated their NFT will grant holder access to exclusive content experiences and other benefits. 

Starbucks reveal its brand concept of belonging over coffee-, “Third Place”

“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,” stated in a post.

Brady Brewer, Starbucks Chief Marketing Officer, stated “Emerging technologies associated with web3, and specifically NFTs, now enable this aspiration and allow us to extend who Starbucks has always been at our core.”

The plan was first revealed during their fiscal Q2 investor earning call, where they explained how the NFT would be a key brand concept of “third place”. They explained the meaning of the concept for belonging with coffee in a place between home and work. During the call, the CMO also added, “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,”

One of the big criticism for NFT is how energy-depended and non-environmentally friendly they were. Starbucks noted they would be building their NFT community based on an “environmentally sustainable” web3 experience as it aligns with their company’s commitment for sustainability. There are no official announcement what blockchain they will be working with but they’ve have hinted to experiment with hybrid model, “multi-chain or “chain agnostic”- meaning they will use more energy efficient chains in Layer 2 Security like Solana or Polygon.

Many large companies have already announced their plans for their own NFT, metaverse and web3 platform, like Nike’s digital apparel or Samsung investing heavily to support metaverse experience. Not wanting to fall behind, Starbuck is committed with bringing in key hire to spearhead the mission – starting off with hiring a new CEO who is familiar with Starbucks brand and global experience as well as web3 technology savvy. 

This strategy is to create better connection with younger customers and create incremental traffic and revenue. In similar fashion, Starbucks has a history of being technology driven. They were among the first to implement and pioneer using phone to pay for orders well before Apple Pay and other NFC-based tap-to-pay checkout experiences we’ve used today.