Starbucks Corporation, the American based multinational corporation that sells coffees, teas, other drinks and pastries have come out to announce that they will be designing and selling their own NFTs that will have their own unique designs, experiences which will also reap benefits to their members.
An NFT or a Non fungible token refers to a non-transferable data unit or digital token that functions like a certificate that is tied to any blockchain. NFTs can be anything from photos, artworks, videos and so on. Each NFT is unique and once you purchase one, there is no other that is identical so you own something that is one of a kind.
Starbucks is now aiming on strengthening their concept of a ‘third place’. The first two being your home and the workplace. The third one is the digital world which they look to have a strong foot in right now. Customers can now buy their own NFT produced by Starbucks which will give them access to the company’s multiple exclusive perks and benefits.
Over the past few years, Starbucks have been focusing on their digital footprint and investing a lot on their tech by having a top-quality app, having an easy and direct online ordering process, free WIFI in all their outlets and even introducing a rewards program for their members. These have helped the company penetrate the market in multiple countries and have allowed them to attract so many more customers over the past few years.
Currently, Starbucks have opened over 32,000 stores which spans across 80 countries all over the world.
They plan to name their new platform as, Starbucks Digital Community Web3.
This initiative is set to further the name of Starbucks, have more synergy with their customers and partners, and they expect this to greatly grow their company and business.
Howard Schulz who joined the company again recently, put forth the idea of starting their own line of NFT which had a positive reception by the company’s top brass.
He said that many companies, celebrities and influencers have taken the plunge and have planted a strong foot in the digital realm and Starbucks will have to follow suit if they are to keep with the constantly evolving industry.
Recently, other American fast-food joints like Taco Bell and Papa Johns also released their own NFTs which have had a positive reception by the public.
It seems like digital is the way to go with every company heavily investing in it and we will have to keep an eye on this space.
