Starbucks is set to launch its first NFT series later this year. The company assures that the release will come with a host of unique experiences and benefits, worthy of a genesis NFT collection. Greg Isenberg pointed out that the Starbucks loyalty program has more than 26 million active members and could easily become America’s most used crypto wallet.
Why Starbucks NFTs?
Starbucks has become a household name globally and it’s often synonymous with coffee-related beverages. However, they do have a reputation of being more than your usual coffee fix – a tech company if you will. They have a history of taking leading-edge technology, innovating it and making it accessible to the masses. This can be seen through the loyalty program, mobile payment, mobile ordering and even providing Wi-Fi to their customers.
More importantly, the company gathers huge amounts of data from over 100 million transactions a week. Their use of data, artificial intelligence, and the Internet of Things allows them to understand their customers more than anyone else, carving a strong competitive advantage.
Using blockchain technology, creating the Starbucks Digital Community Web3 platform can unlock even more opportunities. Starbucks NFTs will introduce a shared-ownership model for loyalty. In addition, the company can offer more unique experiences, community building, storytelling, and customer engagement. Essentially, the community will own a programmable, brandable digital asset, that also doubles as an access pass.
So far, we know that the Starbucks NFTs will definitely launch on one of the more sustainable blockchains to match their sustainability objectives. The blockchain selection will also prioritize interoperability. Given the company’s global presence, focusing on multi-chain or chain-agnostic designs should be essential.
Furthermore, the collections will center around the company’s artistic expressions, both heritage and newly created. Starbucks will also look to collaborate with world-class innovators and like-minded brands.
With the rich 50-year history, there is an abundance of ideas to create Starbucks NFTs. This includes the rich heritage of coffee art and storytelling. Also, don’t forget the long line of store designs and Starbucks card art. There are so many fun entries for them to enter the NFT space.
Expanding the Starbucks collectibles
Starbucks mugs and tumblers have been around for many years, and they tend to sell out pretty quickly. They often come in different designs, with the company releasing special designs for each holiday. Given their unique designs and limited-edition drops, this merchandise can see significant markups on the secondary market. In late 2019, a China edition tumbler resold for more than $1,000, while a Greece edition mug resold for almost $2,000 in 2009.
A hardcore fandom has formed around these products, and the Starbucks NFTs can very well feed off of this success. If a new tumbler can make its way into a proud Instagram post, I don’t see why an NFT can’t.