CEO Howard Schultz and EVP and CMO Brady Brewer told investors at Starbucks’ Q2 2022 earnings presentation that the coffee firm would include “new ideas like as ownership and community-based membership models that we see growing in the Web 3 arena.” “Imagine obtaining a new digital collectable from Starbucks, where that product also acts as your entrance card to a global Starbucks community, one with fascinating content experiences and cooperation all focused around coffee,” said Brewer.”
More information may be found in the following blog post on the company’s website:
We plan to create a series of branded NFT collections, the ownership of which initiates community membership, and allows for access to exclusive experiences and perks. The themes of these collections will be born of Starbucks artistic expressions, both heritage and newly created, as well as through world-class collaborations with other innovators and like-minded brands.
The goal is to use non-fungible tokens, which were the most popular buzzword last year, to power a digital collectible-enhanced loyalty app (NFTs). Starbucks’ present value proposition, which includes having stores practically everywhere, is expected to be enhanced by an as-yet-unspecified set of unique benefits.
In what ways may blockchain technology be used to enhance the user’s experience and perks? Regardless of what you think, Starbucks executives believe that the company’s history of being early adopters of mobile payments and Wi-Fi will have a positive impact on its bottom line in the same manner that it has done in the past. Investors who checked the Wall Street Journal on the day Starbucks marketed NFTs to them discovered a headline stating, “NFT Sales are Flatlining.”
For those of you praying that I was kidding, here’s the video proof.
In an address today aimed at unionizing workers, multi-billionaire Howard Schultz revealed that Starbucks is going to get into the NFT business “sometime before the end of this calendar year” pic.twitter.com/Jb2rGjgHj4
— Jordan Zakarin (@jordanzakarin) April 5, 2022
During an open forum to address workers, Schultz made his initial pitch for NFT, admitting the firm “hadn’t done enough” to help them and promising to “do better.” Schultz made an effort to connect with the younger, less millionaire crowd of employees by asking a personal question about their investments as part of his appeal against labour unions that some shops are beginning to join, which he warned may “place someone in between us and our people.”
“I couldn’t find a treasure trove of assets that Starbucks has, from collectibles, to the entire heritage of the company,” says the man who found a person who had invested in NFTs in the video he made. “I couldn’t find one of them that has the treasure trove of assets that Starbucks has,” he continues.
As of right now, the organisation isn’t sure which blockchain it will use, or whether it will use more than one; but, it is certain that any strategy it does adopt will be long-term sustainable.
As long as the company’s 26.7 million Rewards members can have a straightforward experience with crypto wallets and the company’s own procedures are protected against smart contract problems or worse, it will be a success. So, if that’s what consumers and staff desire, they can just add digital trinkets with an undeniable and immutable record of ownership to each transaction.