Starbucks to introduce Web3 rewards program, coffee NFTs included
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Starbucks will reveal its Web3 project – a new digital initiative for rewards – and coffee-themed digital collectibles on September 13 during the company’s Investor Day. The food and beverage giant aims to grow digital customer relationships, expand its rewards program, and offer digital experiences.
In April, the returning Starbucks CEO Howard Schultz had already spoken about releasing NFTs by the end of the year. He shared his vision for the future with employees stating that “Starbucks’ best days are ahead.”
By adopting innovative technologies, Starbucks is taking its successful rewards program to the next level. Around 27.4 million members are registered for the coffee brand’s membership program.
The Web3 initiative will provide a new medium for Starbucks to engage with customers and expand the community. Also, the program implements the “spend-to-earn Stars approach,” which will reward coffee fans with unique experiences and branded digital collectibles.
“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,” Schultz said in the firm’s earnings call on Tuesday. “We are looking forward to fully showcasing the power and the opportunity of our reinvention plan that we will unleash at next month’s investor day.”
The company’s management team didn’t mention details about NFT drops or how they would enforce the rewards program.
Perhaps Starbucks will eventually enter the virtual restaurant industry and create a cafe in the Metaverse? Chipotle and Wendy’s have already tested out the virtual world dining business. McDonald’s and Panera have filed trademark applications for future metaverse openings. So maybe soon we will see avatars hanging out in a virtual Starbucks.
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