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Starbucks NFT and Web3 Improvements Next Month

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As part of the new Web3 digital strategy that was recently announced by Starbucks interim CEO Howard Schultz, the world-famous rewards program that the coffee chain is known for will soon undergo a big overhaul. Starbucks’ rewards program is widely considered to be among the most popular of its kind throughout the world. The next month will see the introduction of the company’s web3-based rewards program.

There is not much information available at this time, however at the company’s 2022 third-quarter earnings call, certain pieces were disclosed. During the course of the conversation, Shultz discussed the possibility of Web3 being included in the popular rewards program offered by Starbucks. There are already more than 27 million people enrolled in the rewards program.

He remarked, “We are working on a really interesting new digital effort that expands on our existing industry-leading digital platform in inventive new ways, all centered around coffee, and most importantly, loyalty,” regarding their current endeavors.
In May, Starbucks made public its strategy and ambitions to integrate Web3 into the company’s existing model for customer interaction with rewards. During that time period, they announced their intentions to create a “digital third place” or community space. They also clarified that their approach to the Web3 technology would be one of a more long-term nature.

The multinational conglomerate is aware of the importance of both bringing in new clients and maintaining the interest of the ones they already have. It is also aware that members of Generation Z and Millennials are drawn to a sense of community, even if that group exists not in the actual world but rather in the Web3 realm.

“This will create an entirely new set of digital network effects that will attract new customers and be accretive to existing customers in our core retail stores,” stated the CEO of the company, Howard Schultz.

In addition, in light of the most recent developments, it is now abundantly obvious that NFTs will be included into the digital network of the coffee chain. “Emerging technologies connected with web3, and notably NFTs, now enable this vision and allow us to extend who Starbucks has always been at our core,” said Howard Schultz, CEO of Starbucks. Again, there is not much information available, but the company seems to be adopting a different approach to NFTs compared to other chains in the food market. NFTs from Starbucks will come with exclusive rewards and experiences revolving around the digital third place. In a letter he penned in May, Chief Marketing Officer Brady Brewer stated,

“NFTs make it possible for individuals to possess a programmable and brandable digital asset that can also function as an access pass,”

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They view their NFT collections as a means of “emotionally engaging clients” and a “community building element.”

Another thing that is still up in the air is which blockchain they will use. Nevertheless, they did say that it will be multi-chain and carbon neutral in order to compensate for any negative influence on the environment, which is in line with the planet-positive policies that they have.

Both the people who participate in the rewards program and the people who work at Starbucks feel strongly about the need of protecting the environment, and some of them have already voiced their concerns.

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