Starbucks Eyes Entry into Web3, Plans to Release NFT Collection within the Year

Giant coffeehouse chain Starbucks has announced that it will be dropping its very own NFT collection later in the year as part of its plans to enter the Web3 space. “We plan to create a series of branded NFT collections, the ownership of which initiates community membership, and allows for access to exclusive experiences and perks,” explained Starbucks. “The themes of these collections will be born of Starbucks artistic expressions, both heritage and newly created, as well as through world-class collaborations with other innovators and like-minded brands.”

The plan was unveiled to investors during the company’s Q2 2022 earnings presentation. “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,” said Starbucks Chief Marketing Officer Brady Brewer.” Through this initiative, Starbucks hopes to expand its concept of the “third place” — a place between home and work — into the digital sphere.

“To achieve this, we will broaden our framework of what it means for people to be a member of the Starbucks community, adding new concepts such as ownership and community-based membership models that we see developing in the web3 space,” Brewer added. “Imagine acquiring a new digital collectible from Starbucks, where that product also serves as your access pass to a global Starbucks community, one with engaging content experiences and collaboration all centered around coffee.”

While much of the details surrounding the project are still shrouded in mystery — such as the features, designers, and perks included as well as the blockchain to be used for the collection — Starbucks remains adamant that it will build the project on an “environmentally sustainable” platform. “We plan to start with our first NFT collection, membership, and community later this year, based on coffee art and storytelling. It will come with a host of unique experiences and benefits, worthy of a genesis NFT collection from Starbucks,” the company concluded.

Coinciding with this move, Starbucks is also in search of a new CEO who would be able to grasp the potential of these emerging technologies, especially in an effort to connect with the younger generation. “I think the next CEO is going to be a creative person who’s going to understand that the equity of the Starbucks brand has real legitimacy and relevance outside of our stores. And the world we’re living in today, our customer base is getting younger, they’re digital natives, and they expect Starbucks to be as relevant outside of our stores as we are inside,” Starbucks interim CEO Howard Schultz elaborated.

Sources: TechCrunch, The Verge