Starbucks to launch Web3 platform and NFTs related to coffee chain

On Tuesday, Starbucks published a company blog post that detailed its plan to launch a Web3 platform in future and link it to its app. It will also launch a series of non fungible tokens (NFT) that will provide its customers with unique experiences related to community building as well to increase engagement of its customers with its brand, later this year. The benefits of its NFTs will be linked to its physical locations.

The blog post mentioned that the branded NFTs would bring their “rich heritage of coffee art and storytelling” to their customers. It mentioned that coffee chain would would create a “Starbucks Digital Community Web3 platform” that would potentially combine “an approachable, widely accessible front-end backed by the right block technologies that would be both fast as well as inexpensive.

The post added that the company’s approach to blockchain technology will begin with “collections backed by blockchains.” It said that the infrastructure would be sustainable as it had to be consistent with their “multi-decade commitment to sustainability.”

Starbucks said that their approach would be phased and would debut their initial “NFT collection, membership and community, later this year.” The company is planning to use its heritage collections in its first NFT collection, using its collections of coffee art and storytelling.

The post added that the first collection will form the core digital community and backbone and future collections and collaborations of Starbucks will build on this new ecosystem.

The Starbucks app is the second most used one in the U.S., after Apple Pay. It has more than 30 million active users each day. The company will be able to tap this huge consumer base if and when it links its future fully fledged “Starbucks Digital Community Web3 platform” to mobile payments in-store.

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