Just like that early morning cup of coffee, Starbucks is all a buzz for Web3 and NFTs. The world’s largest coffee chain emphasized the importance of entering the space earlier this year and is on track to do so.
So, let’s grab a cup and dive into their digital success, what initial plans look like and what is in store for the future of the coffee giant and NFTs.
Starbucks Gets Digital
Starbucks has had success with adopting new technology early in the past. For instance, mobile technology with payments within its app was a game changer. In 2014 Starbucks launched its order ahead feature within its app, and things took off.
These implementations helped shape the Starbucks App and allowed it to compete with similar companies such as Google, Apple, and Samsung Pay.
By April 2021, more than a quarter of their customers paid with a smartphone. In addition, they have about 27 million active rewards program participants to date.
Starbucks is creating, as they call it, the digital “Third Place.” Their goal is to digitally replicate their success in the physical world as being the “third place” between home and work. For many people, Starbucks is an office, a place to meet friends, a student’s go-to study spot, or somewhere you know you’ll get a consistent cup of joe.
However, what really gained Starbucks’ attention is that NFTs are a programable technology. This aspect allows them to become a brandable asset and function as a club pass. Starbucks sees the value in this, and with this new model, they plan to redefine what it means to connect with the digital community.
With a successful track record of providing customers with new technologies, introducing NFTs and the function behind them seems like a natural next step. Their plan to approach blockchain technology envisions a multi-chain future.
First, with Starbucks’ strong commitment to the environment, they will start working with blockchains that commit to sustainability.
Starbucks aims to phase in its plans but is okay with jumping in and learning immediately with experimentation and collaboration. They already have a community, so encasing that ecosystem in Web3 could fit just right. Sometimes it is the best approach to get started early, whether you’re a big or small business.