By accumulating points, customers of the Starbucks coffee chain will be able to redeem NFTs. The collectibles will offer exclusive benefits.
Starbucks will present a new loyalty program focusing on the so-called Web3 next month . Among other things, by accumulating points the customers of the coffee shop chain will be able to redeem NFTs .
Starbucks has anticipated that its NFTs will not be mere virtual collectibles . Each NFT, in fact, will be associated with specific perks and advantages. At the moment the company has not anticipated many other details on the initiative.
For example, we don’t even know on which network NFTs will be issued. “We believe digital collectibles can add value to our business,” a spokesperson explained. “We will reveal more details in the course of 2022”. The project will be overseen by Adam Brotman, the Starbucks executive who had already taken care of the launch of the platform to pay and place orders using the smartphone.
Currently there is already a loyalty program in the chain: it is called Starbucks Rewards and allows customers to accumulate Stars points, which can then be redeemed for free drinks and other rewards. The Starbucks CEO added that thanks to the integration with NFTs the company hopes to reach the very young audience: “we don’t want to be a business with a gradually aging clientele unable to be relevant among young people”. During the second quarter of 2022, Starbucks reported revenues of $ 8.15 billion – slightly more than promised to investors.