Global coffee store franchise giant Starbucks has set its eyes on a web3 initiative that will include coffee-themed NFTs. The Chief Executive Officer of the company Howard Schultz stated that the web3 rewards program is aimed at attracting and retaining customers.
Earlier this year, the company announced its plans to enter the Web3 space. It stated that its interest in NFTs is not only for digital collectibles but for roved owners with access to exclusive content and other benefits.
The Detail Of The Initiative Are Still Sketchy
During the announcement, Starbucks was not elaborate on its plans and what its debut set of NFTs would look like. There also weren’t any details on the type of blockchain the NFTs would be built on or the features they’d provide.
At the time, the firm noted that the plan was likely to be a chain-agnostic or multichain, which showed that its plans were not yet finalized.
The firm, however, stated that it would be revealing more about its plans in the NFTs space later this year. Starbucks seems to be taking a more cautious approach towards the NFT space, unlike so many others that rushed into the NFT craze without much thought.
The Web3 Initiative Will Be Unveiled In September
The company is looking at collectibles in a different light, taking them as an extension of customer loyalty. The firm recently called in Adam Brotman, the brain behind the Starbucks app and Mobile Order & Pay system, as a special advisor on the project.
Starbucks has recorded strong growth through the mobile app. The firm was one of the first platforms to introduce the concept of a digital wallet, way ahead of Apple Pay’s platform.
Starbucks mobile ordering has also grown as the wider mobile payment adoption keeps growing.
Schultz stated that the company has been diligently working on a digital initiative that will enable the firm to expand its digital footprint and continue its innovation. The new platform will be based around coffee, and most importantly, loyalty, which will be revealed at Investor Day. The firm said Investor Day will be hosted in Seattle on September 13, 2022.