Starbucks will launch NFTs later this year

Starbucks, the American multinational coffee chain, has announced plans to enter the Web3 space by launching its own NFT collection later this year.

As Starbucks has announced, individual NFTs will provide their owners with access to exclusive experiences and content.

“We plan to create a series of our branded NFT collections, ownership of which initiates community membership and allows access to exclusive experiences and perks. The themes of these collections will be born out of Starbucks’ artistic expressions, both heritage and newly created, as well as through world-class collaborations with other innovators.”

Also according to Starbucks, the first collection of NFTs to be released in 2022 will be based on the art of coffee and the narrative about production.

Starbucks – third home

The company disclosed its plans to Starbucks investors during its 2022 earnings release. On the occasion, Starbucks explained how NFTs can benefit the brand in expanding its proposal to be in the “third home”.

According to the company, the third home would be a place between home and work where people can feel a sense of “belonging” to coffee, in this case Starbucks.

According to Starbucks Chief Marketing Officer Brady Brewer, emerging technologies like Web3 and NFTs could allow the company to broaden its vision and build that new home.

“Emerging technologies associated with web3, and specifically NFTs, now enable that aspiration and allow us to extend who Starbucks has always been at our core. We are creating the third digital home. To achieve this, we will expand our framework of what it means for people to be a member of the Starbucks community, adding new concepts such as community-based ownership and membership models that we see developing in the web3 space,” he said.

Additionally, according to Techcrunch, Starbucks is looking for a new CEO who understands the potential of Web3 and NFT technologies. After all, these technologies can help the company better connect with younger people.

Meanwhile, Starbucks interim CEO Howard Schultz predicted that the new CEO will likely be a creative person who understands the Starbucks brand’s heritage, its real legitimacy and its relevance outside of its stores.

Furthermore, the new CEO needs to have an understanding and a conviction about the fact that the company can operate in various scenarios, complementing its retail business.