Starbucks To Launch NFT Loyalty Program This Year

Starbucks has made an announcement to launch a global NFT (Non-fungible token) loyalty program and it will be rolling out a series of NFT collections that will be similar to the company’s existing Starbucks Rewards loyalty program in terms of functioning. The plan was revealed by the company’s advisor Adam Brotman and CMO Brady Brewer in a joint statement.

According to the joint statement, the NFT collections will be providing members access to exclusive experiences and perks. Alongside, Starbucks is also planning to launch a Starbucks Digital Community which will be a Web3 platform. However, the company is yet to share more details regarding the same.

The company will roll out the plan in a phased manner and is planning to start its first NFT collection, membership, and community by this year which is going to be based on coffee art and storytelling.

The joint statement by Brotman and Brewer in a blog post reads,

It will come with a host of unique experiences and benefits, worthy of a genesis NFT collection from Starbucks. And this first collection will form the core digital community and backbone against which we hope to build future collections and collaborations – all building on the same new ecosystem.

Starbucks in the blog post has mentioned that the company’s approach to the blockchain technology which may ultimately be multi-chain or chain agnostic is certainly going to start with collections backed by blockchains and infrastructure which will consist of the company’s ‘multi-decade commitment to sustainability.

Talking about the plan, the statement emphasized, 

We believe NFTs have broad potential to create an expanded, shared-ownership model for loyalty, the offering of unique experiences, community building, storytelling, and customer engagement. And, while doing so also being a source of accretive business that can benefit a number of stakeholders in the process, while creating a new type of digital ecosystem to complement Starbucks current digital platform offering.

“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 joint statement added.

What is NFT or Non-Fungible Token?

NFT or Non-fungible token a unit of non-interchangeable data that is not interchangeable is stored on a blockchain in the form of a digital ledger that can be sold and traded. NFT data may consist of digital files like photos, videos, and audio.