Earlier in the year, Starbucks announced it had plans to enter the Web3 space. Now those plans are coming to fruition as the coffee giant unveils its first Web3 initiative — coffee-themed non-fungible tokens (NFTs).
The Starbucks NFTs will come with IRL utility, including providing owners with access to content and other perks and rewards.
Though the company refrained from giving too many details about the NFTs, they said they would likely be on multichain or chain-agnostic blockchain. The company added that it believed digital collectibles could be fundamental to its business moving forward and that more details about its plans would be revealed later in the year.
For the Web3 project, Starbucks is tapping Adam Brotman, the builder of the Starbucks app and its Mobile Order & Pay system, to serve as an advisor. Mobile Order & Pay has been a huge success for Starbucks, and the company was one of the first to introduce the concept of a digital wallet.
The news was teased by interim CEO Howard Schultz during this week’s earnings call with investors, where he spoke highly of Web3 and blockchain technology and discussed how it could help the company build on its current Starbucks’ Rewards engagement model.
Beverage Companies Are Bullish on Web3
If you’ve been following Rarity Sniper news this year, then Starbucks’ entrance into the Web3 and non-fungible token space should come as no surprise. We’ve reported on a myriad of beverage companies that are finding ways to implement Web3 technology into their business models.
Listed below are some of the most interesting headlines from 2022 about drink and beverage companies entering Web3:
- Twisted Tea to Drop NFTs to Put Your Face on 100 Million Cans
- Gatorade Intends to Create “Virtual Beverage” for the Metaverse
- Monster Energy Wants to Open an NFT Market
- Tiger Beer Malaysia Drops an NFT Collection
- Coca-Cola Bridges IRL & Metaverse with Pixel-Flavored Drink
- Gatorade Releases First NFT Collection to Celebrate Athletes
- Coca-Cola Launches Pride-Related NFT Series
Web3 is opening new avenues for brands and companies to connect directly with customers, and many of them are taking advantage of it. For a global company like Starbucks that’s already shown it can effectively use technology to engage and reward customers, tying blockchain and NFT technology to its existing programs seems like a no-brainer.
Time will tell exactly how Starbucks plans to implement Web3 technology into its business model and what the first Starbucks NFTs will look like. But it shouldn’t be long now before we have our first NFT drop from the King of Caffeine. We’ll be keeping our eyes and ears open for any news of the NFT launch or new Web3 initiatives from Starbucks.