Connect with us

NFT News

A Starbucks NFT Coming Soon



Starbucks is creating a “worldwide digital community” around coffee, with an NFT loyalty program. Its minting will take place before the end of this year.

Starbucks CEO Howard Schultz, along with executive vice president and chief marketing officer Brady Brewer, explained to investors during their Q2 2022 earnings presentation that the coffee company will add “new concepts such as ownership and community-based membership models that we see developing in the Web 3 space.” Brewer went further, saying: “Imagine acquiring a new digital collectible from Starbucks, where that product also serves as your access pass to a global Starbucks community, one with engaging content experiences and collaboration all centered around coffee.”

The firm’s official blog offers further insight into what all of that entails:

We’ll be launching a series of branded NFT collections,

each of which will provide members with special experiences and benefits. These themes will be inspired by Starbucks’ creative ideas, both ancient and new, as well as through world-class collaborations with other innovators and like-minded brands. Starbucks isn’t the only one cashing in on the NFT hype – a number of high-profile companies and celebrities have been minting their own NFTs, including NBA Top Shot, Jack Dorsey, Kings of Leon, and Grimes. The move could help Starbucks tap into the $250 million NFT market, which is only expected to grow.

The strategy will be introduced as a digital collectible-enhanced loyalty program powered by non-fungible tokens (NFTs), which were the most talked about term last year. Customers are expected to be able to earn points or “stars” based on their purchases, possibly similar to how they can earn stars at hotels and other leisure businesses. These Starbucks-branded NFTs can be used to unlock experiences, such as early access to new products, special events, and more.

What are the benefits and perks, and why does blockchain technology need to be used for them? Your guess is as good as ours, but Starbucks executives are looking at the company’s history of being early to adopt mobile payments and Wi-Fi and believe that things will work similarly here with a noticeable boost in profits. On the same day that Starbucks informed the public of its NFT plans, the company also announced it would be accepting cryptocurrency as payment for coffee in all Starbucks locations around the world. This move by Starbucks is likely to increase mainstream adoption of cryptocurrency and blockchain technology. The use of blockchain technology will allow Starbucks to keep track of their coffee beans from farm to cup and ensure that they are ethically and sustainably sourced. Starbucks has always been a leader in sustainable sourcing practices, and this move will only solidify their commitment to those practices. In addition, the use of blockchain technology will allow Starbucks to create a traceable supply chain for their coffee beans, which will further increase transparency and accountability.

The first NFT pitch by Starbucks’ CEO came during an Open Forum for employees to apologize for “not doing enough” to support them and vow that “we’ll do better for our partners.” Schultz attempted to connect with the much younger, significantly less billionaire-ish crowd of workers by asking a relatable question about their investments while making his case against “purchasing things that have no intrinsic value.” Schultz then made the case that Starbucks’ (SBUX) long history as a mobile-first company and Starbucks Rewards program make it well positioned to take advantage of NFTs.

To date, the firm has no idea which blockchain it may use or if it will utilize more than one, but whatever approach it takes will certainly be long-lasting – even if researchers have said those eco-friendly blockchain promises don’t always add up. Even so, Starbucks just has to construct a simple usage of crypto wallets that work for its 26.7 million rewards members, maintain their accounts from persistent phishing assaults, and secure its own processes against smart contract flaws or worse to ensure it succeeds. They can simply attach digital trinkets with a verifiable and unchangeable record of ownership to customer accounts, then design an ecosystem where people can buy, sell, or trade Starbucks-related NFTs.


Starbucks also has to avoid one major misstep: making customers pay more for their coffee with cryptocurrency than they would with fiat currency. It’s a balancing act, but Starbucks has always been known for its customer service innovation.


© Copyright 2022 | All Rights Reserved RISK DISCLAIMER There is a very high degree of risk involved in trading. Past performance is not necessarily indicative of future results. Financial Wars and all individuals affiliated with this site assume no responsibility for your trading and investment results. All the material contained herein is believed to be correct, however, Financial Wars will not be held responsible for accidental oversights, typos, or incorrect information from sources that generate fundamental and technical information. Options trading carries significant risk. Futures and futures options trading carries significant risk. Trading securities, security options, futures and/or futures options is not for every investor, and only risk capital should be used. You are responsible for understanding the risk involved with trading options. Prior to trading any securities products, please read the Characteristics and Risks of Standardized Options and the Risk Disclosure for Futures and Options. The indicators, strategies, columns, and all other features are for educational purposes only and should not be construed as investment advice. Information for futures trading observations are obtained from sources believed to be reliable, but we do not warrant its completeness or accuracy, or warrant any results from the use of the information. Your use of the trading observations is entirely at your own risk and it is your sole responsibility to evaluate the accuracy, completeness and usefulness of the information. You must assess the risk of any trade with your broker and make your own independent decisions regarding any securities mentioned herein. Affiliates of Financial Wars may have a position or affect transactions in the securities described herein (or options thereon) and/or otherwise employ trading strategies that may be consistent or inconsistent with the provided strategies. All of our partners or affiliated companies are in no way associated with the proprietary information provided by the Financial Wars Trading Method or software. All returns are based off buy side analysis and do not include commission costs. All projections are based on current returns. The projections do not account for any possible draw down effects on performance and performance projections. Actual returns and projected returns may fluctuate over the course of the service. "VIP" or "Lifetime" designation refers to the lifetime of the product only and not to be assumed to be the lifetime of any individual. Any person who chooses to use this information as a basis for their trading assumes all the liability and risk for themselves and hereby and absolutely agrees to indemnify and hold harmless Financial Wars, its principals, agents and employees. As a Student and Chat Subscriber, we ask that you please cross check the information posted here. We ask that you challenge any information you feel is incorrect. We do not guarantee any of the information that is posted in the chat. All company names are trademarks or registered trademarks if their respective holders. Use of a mark does not imply any affiliation or endorsement by them.

Social Media Auto Publish Powered By :