Starbucks to launch loyalty program based NFT series
Starbucks CEO Howard Schultz and executive vice president and chief marketing officer Bady Brewer announced that Starbucks will launch its first NFT series later this year, and come with a variety of unique benefits and experiences similar to their current Starbucks loyalty program.
They said the coffee company will introduce “new concepts such as ownership and community-based membership models that we see developing in the Web 3 space.”
The NFT series will introduce a shared-ownership model for loyalty and grant holders access to exclusive experiences and perks. The themes of the NFTs will be based on ‘coffee art and storytelling’, paying homage to the company’s history - from its humble beginnings as a small store to building itself as an international brand.
The NFTs will likely utilize multiple blockchains to align with Starbucks’ sustainability brand image.
“Many people see NFTs as a new form of ownership of digital art, often traded in a highly speculative way. While that’s been true on some level in the early days in the space, we are fascinated by how NFTs allow people to own a programmable, brandable digital asset, that also doubles as an access pass,” said Brewer and advisor Adam Brotman in a statement.
“We believe NFTs have broad potential to create an expanded, shared-ownership model for loyalty, the offering of unique experiences, community building, storytelling, and customer engagement.” they added.
Starbucks’ journey into the NFT world
Schultz first revealed his NFT plans during an open forum via a video, from which he announced its attempt to help Starbucks appeal to a younger crowd of investors. In the video, an NFT investor expressed his admiration for Starbuck’s unparalleled “treasure trove of assets… from collectibles to the entire heritage of the company.”
Starbucks already has 26.7 million rewards members and is a participant in the Bakkt digital asset wallet and rewards initiative which allows users to use Bakkt stored bitcoin, reward points to deposit in their Starbucks card through a mobile app.
For years, Starbucks has attracted its customers with unique designs in their stores and on their physical merchandise. They sell gift cards with seasonal designs, tumblers, coffee mugs and water bottles for each festival and holiday. NFTs with custom art designs similar to these physical merchandises are to be expected.