Starbucks NFT might be the next big thing! The brand plans to launch its NFTs, bringing it closer to a younger, more crypto-savvy audience.
The rumors are true. Leading coffee brand, Starbucks, plans to launch an NFT collection. The collection will likely be aimed at rewarding customers for their patronage and loyalty to the brand. With this move, Starbucks also plans to strengthen its connection with a younger, crypto-savvy population.
When was the Starbuck NFT announced?
There is no official announcement about the NFTs or their release date from Starbucks. However, during a Q2 2022 earnings conference call on 3rd May the coffee brand announced plans to begin a ‘third place,’ whose description fits the metaverse.
Starbucks also said it would be launching an NFT collection ‘before the end of the calendar year,’ a clear indication that something is definitely brewing. Howard Schultz, current interim CEO, also revealed the firm’s search for a CEO with extensive NFT knowledge.
“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,” Starbucks Chief Marketing Officer Brady Brewer said. Additionally, the company would be adding features ownership and community membership for Starbucks customers.
What are the Starbucks NFTs about?
There is no clear format for the NFTs yet, so customers should expect anything from PFPs to digital collectibles. Clearly, the NFTs would have to run on a blockchain. The brand hasn’t made any official announcements yet, although it says it will choose one that is environment-friendly.
On the official Starbucks blog, a lot of hints were dropped on what to expect for the coming NFTs. For example, one section of the blog reveals the brand is “fascinated by how NFTs allow people to own a programmable, brandable digital asset, that also doubles as an access pass.”
The non-fungible pieces might just be the key to exclusive events hosted by Starbucks or collectibles that allow holders to enjoy certain benefits.
What to Expect with the Starbucks NFT
Our best guess? The art will likely center on Starbucks’ recurring themes such as coffee art and stories. The brand is planning to leverage the rich heritage it has built over the years. The multi-million dollar brand says it is also open to collaborating with like-minded creators and brands on the upcoming collection.
If the NFTs are going to be part of a reward program, then Starbucks already has an audience. Already, Starbucks has 27 million active customers who are all on its reward program. Starbucks has been dominating the coffee and food industry now, as it reported a revenue of 7.64 billion dollars in Q1 2022 alone.
This is not the first time Starbucks would be taking the lead in technology, especially in its field. It has pioneered the use of phones to order products and the use of Wi-Fi in stores.
As the daring brand takes steps into the NFT world, we hope the Starbucks a collection would be a collection truly worthy of the “Starbucks” brand.