A new corporate giant is entering the wild west of NFTs--Starbucks.
As part of its quarterly earnings report last week, the coffee company revealed plans to use NFTs to create a digital community and provide access to exclusive perks, describing the platform as “Starbucks Digital Community Web3.” This is a natural path to follow its other technology-driven initiatives such as mobile ordering, in-store Wifi, and the Starbucks Rewards program, and a clear extension of Starbucks 'Third Place' concept into the digital realm. This concept is one that the founder, Howard Schultz, championed from its founding, the idea that Starbucks should be a place between home and work for patrons to spend time.
The company shared that customers will be able to purchase unique NFTs from Starbucks and use them to gain exclusive access to Starbucks-related experiences and perks. Starbucks CEO Howard Schultz, who recently returned to lead the company, hinted at the NFT business last month during an internal town hall meeting. “If you look at the companies, the brands, the celebrities, the influencers that are trying to create a digital NFT platform and business, I can’t find one of them that has the treasure trove of assets that Starbucks has, from collectibles to the entire heritage of the company,” Schultz said at the meeting.