Starbucks endorsement of NFT is a big win for Web3

The company acknowledged that it is fascinated by NFTs
Starbucks endorsement of NFT is a big win for Web3
Starbucks collectibles

Coffee giant Starbucks has recently shared plans to launch a series of non-fungible token (NFT) collections.

NFTs are one the major Web3 trends that look all set to break into the mainstream, with major brands getting in on the action. For instance, food chains such as Burger King have started offering NFTs as incentives to appeal to their younger tech-savvy patrons.

Wanting a piece of that action, Starbucks plans to use NFTs to provide “unique experiences, community building, and customer engagement,” shared the company, arguing that it plans to use NFTs to further strengthen its bond to the concept of the “third place” where people connect over a cuppa.

The company acknowledged that it is fascinated by NFTs, adding that it’ll use them to complement its current app-based digital ecosystem, though it hasn’t yet shared specific details about how exactly it plans to use them.

“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,” wrote Starbucks’ chief marketing officer, Brady Brewer, together with advisor Adam Brotman, in the joint blog post.

Hitting all the right notes, the company affirmed it would build its NFT community on an “environmentally sustainable” Web3 platform, and that it’ll most likely be a “multi-chain” or “chain agnostic” offering.

Starbucks will launch its Web3 department in a phased manner, starting with its first NFT collection, membership, and community based on coffee art and storytelling, sometime later in 2022.

“It will come with a host of unique experiences and benefits, worthy of a genesis NFT collection from Starbucks. And this first collection will form the core digital community and backbone against which we hope to build future collections and collaborations – all building on the same new ecosystem,” added Brewer.

Sure the lack of specific details could perhaps indicate that the company is still at an early stage of developing its NFT ecosystem. But that doesn’t take away the fact that the announcement itself is an endorsement of NFTs. While some argue that NFT sales are flatlining, the post helps highlight the importance of NFTs in Starbucks’ future.

In fact, if the company delivers on its promise, it could be the final push NFTs need to break into the mainstream as the Starbucks app is currently the second most used form of mobile payment in the US.