New Delhi: Starbucks, the world’s largest coffeehouse chain with over 33,000 outlets in 80 countries, has now announced its intention to break ground in the non-fungible token (NFT) sector. On May 3, during the company’s Q2 2022 earnings presentation, Starbucks Executive Vice President and Chief Marketing Officer Brady Brewer told investors that the firm will explore the Web3 space to add “new concepts such as ownership and community-based membership models.” It looks like Starbucks will follow in the footsteps of several other leading brands in jumping on to the NFT bandwagon.
NFTs can be explained as a one-of-a-kind unit of data stored on a blockchain. These digital tokens can be based on anything, from iconic movie clips to artworks. Now, it appears that Starbucks plans to let its customers enjoy “exclusive experiences and perks” with the help of NFTs.
Brewer explained in an official blog post, “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.”
“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,” added Brewer. “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. 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.”
As to what the “exclusive” perks would entail is unclear as of yet. Considering that Starbucks is looking to develop a Web3-based loyalty programme, the special NFTs could allow customers to purchase Starbucks collectibles, products, and avail other services in its retail outlets around the world.
NFT appears to be the latest buzzword to have caught the attention of leading brands including the likes of Coca-Cola, Taco Bell, and Asics. While Coca-Cola and Taco Bell offered unique artworks and GIFs, Asics was one of the first footwear brands to offer limited-edition digital sneakers.
Even Indian brands have started exploring NFTs as an up-and-coming marketing tool. Automaker Mahindra & Mahindra recently auctioned off four NFTs inspired by its popular SUV, Thar, gathering a total of Rs 26 lakhs. Travel services firm MakeMyTrip also sold a limited number of vacation NFTs at Rs. 14,999 each, on a first-come, first-served basis.