Starbucks to launch its collection of NFTs

One of the best known multinationals in the coffee industry will launch the NFTs collection as a loyalty program. The objective is to fully enter the Web3 industry.

The coffee shop chain will have its own collection of NFTs, stated CEO Howard Schultz. The brand’s goal is to be able to generate a rewards program to holders of the non-fungible tokens through blockchain technology and web 3.0 in order to attract and retain different customers who are interested in and consume one of the best and biggest brands in the world.

The ecosystem that the company plans to create is “Starbucks Rewards” through the NFTs collectibles that will be launched. They also want to encourage the creation of communities and this is the way the company has chosen to create it.

The strategy and launch of this NFT collection is linked to attract young people, customers or future customers of the company and thus be able to approach the ‘Generation Z’ through the different emerging technologies that have been emerging with the blockchain and the well-known products offered by the company such as coffees and iconic cold drinks.

The official announcement is expected to be made in September, specifically during the Investor Day event on the 13th in Seattle, Washington.

Regarding the collection of NFTs, Starbucks added Adam Brotman, the architect of its ‘Mobile Order and Pay’ system, one of the most successful creations in reference to technological innovation. It is a digital wallet that was used even before the renowned Apple Pay.

With the growth of online payments and deliveries, the company generated 72% of Starbucks’ U.S. revenue this past quarter.

In addition, the mix of mobile order sales grew to a record 47%, up 13% year over year, following changes in consumer behavior driven by COVID, the company said.

It has not been officially confirmed how the acquisition of these NFTs will be, but as they are rewards to customers it can be through the daily purchase of products, that is, by having more purchases you can become owner of the NFTs for rewards and exclusive benefits.

This would eliminate one of the challenges facing the non-fungible token collectibles industry today where purchases of digital art and collectibles often come at a high cost and considerable fees.

Undoubtedly, we are seeing different companies working on technological innovations such as Budweiser or Superfly, which are already making inroads into NFTs as a form of rewards and loyalty programs.

Superfly launched a collection of 3000 NFTs called SuperPASS where holders will have the exclusive opportunity to help in the planning of the event as ‘SUPERF3ST Founders’.

For its part, Budweiser launched its NFTs collection in partnership with ZedRun, a game that is based on breeding, racing and betting on digital horse racing using blockchain technology.

Finally, Starbucks will seek to reach its customers in these new ways that are being seen in the market, we will see if they will manage to attract customers and adopt the blockchain, web 3.0 and NFTs technology that is already spreading across different industries and brands. They will all be looking for ways to achieve an effective strategy and attract consumer interest in both their individual products and NFTs or non-fungible tokens.

Written by Rodrigo Catalan (TW: @RodrigoCatalanB) for NFT Express.