Starbucks, a delicious, handcrafted beverage and great-tasting food is planning to launch its own Non Fungible Tokens this year (NFTs). Owners of the digital artefacts will gain access to exclusive content and other benefits, all of which revolve around coffee. A Starbucks Web 3.0 experience might also involve art, music, literature, and other previously unknown areas of the company’s operations.
Using NFTs, the coffee industry is building a new “and expanded, shared-ownership model for loyalty”. No, Starbucks isn’t the first company to offer a customer-owned membership programme. To become a Starbucks member, a certain amount of money must be deposited into the app.
Customers can only use their Starbucks wallets to buy more coffee because they are unable to withdraw their remaining balance. Starbucks may now invest this money wherever it wants without concern of regulatory ramifications, unlike other companies like PayPal, which allow consumers to withdraw payments and must keep sufficient reserves to handle such transactions. Starbucks sole reserve is coffee, which the firm can easily sustain.
Starbucks stated in its 2018 annual report that its app users had a total of $1.6 billion. The company’s blog has further information about its history of making cutting-edge technology available to a wider audience.
The Web3 experience is referred to by Starbucks as a “third place,” a spot where people may congregate over coffee and feel like they belong somewhere between their homes and places of employment. Furthermore, the company stated that it would build its NFT community on an “environmentally friendly” platform, but did not define which one.
Starbucks will launch its first NFT collection, membership, and community later this year. Starbucks’ first collection will serve as the foundation for future collections and collaborations on the same digital platform.
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