The world’s largest coffee chain is entering the web3 market. Next month on Investors Day, Starbucks will unveil its web3 initiative, which includes NFTs with a coffee theme.
The company announced its plans to join the web3 space earlier this year, with its NFTs serving as both digital collectibles and giving owners special access to benefits and information.
Brady Brewer, the Chief Marketing Officer of Starbucks, stated: “Emerging technologies associated with Web3, and specifically NFTs, now enable this aspiration and allow us to extend who Starbucks has always been at our core.”
Many corporations are hopping on the NFT bandwagon, so Starbucks’ strategy is geared at using NFTs as a complement to customer loyalty programs. They are even constructing this on a web3 platform that is “environmentally friendly.”
Stars, which may be redeemed for benefits such as free beverages, are earned by current Starbucks customers when they buy drinks either online or in physical stores. What better method to incorporate NFTs into an existing successful rewards scheme?
Starbucks’ profits exceeded Wall Street forecasts. Their results were stronger than predicted, with revenue of $8.15 billion versus $8.11 expected and adjusted earnings per share of 84 cents versus 75 cents.
The web3-based loyalty program may serve as another means of luring younger customers to the company. This income was mostly driven by their huge Gen-Z demand for their cold brew and espresso.