Starbucks Announces First NFT Collection and Web 3.0 Experience For Customers

• In its 2018 annual report, Starbucks said that its app users had a total of $1.6 billion. 
• Starbucks refers to the Web3 experience as a “third place.”

This year, Starbucks is all set to release its own Non Fungible Tokens (NFTs). Owners of the digital artefacts will get access to unique material and other perks, all of which revolve around coffee at their core. A Starbucks Web 3.0 experience might also include art, music, literature, and other completely unexplored sectors of the company’s business.

Membership and Loyalty Program

The coffee industry is developing a new “an expanded, shared-ownership model for loyalty” using NFTs. No, Starbucks is not pioneering a customer-owned membership program for the first time. A certain amount of money must be placed into the app to become a Starbucks member. 

Customers can only use their Starbucks wallets to purchase more coffee since they cannot withdraw their remaining balance. Starbucks may now invest this money anywhere it wants without fear of regulatory repercussions, in contrast to other firms like PayPal, which provide users the option to withdraw their funds and must maintain sufficient reserves to support such transactions. Starbucks’ sole reserve is coffee, which isn’t very difficult for the company to maintain.

In its 2018 annual report, Starbucks said that its app users had a total of $1.6 billion. Additional information on the company’s history of making cutting-edge technology available to a wider audience may be found on its blog.

Starbucks refers to the Web3 experience as a “third place,” a location where individuals can gather over coffee and feel like they belong somewhere between their homes and places of employment. In addition, the corporation said that it would establish its NFT community on an “environmentally sustainable” platform but did not specify which.

Later this year, Starbucks will begin its first NFT collection, membership, and community. The inaugural collection will serve as the foundation for Starbucks’ future collections and collaborations on the same digital platform.