We are entering an era where we witness new branded NFT collections forming each day. Nike, Louis Vuitton, Burger King, Taco Bell, Coca Cola, etc., everyone is looking to enter world-class collaborations. Now, Starbucks plans to tap into the broad potential of blockchain technology.
However, it has much more planned than just offering an opportunity to own an NFT collection. The coffee giant aims to build a sustainable digital community WEB3 Platform. What does that mean? Let’s find out:
Starbucks Chief Marketing Officer, Brady Brewer, has shed some fascinating insights on how they plan on building the Digital NFT Platform. It isn’t just about the NFT business but customer engagement.
The initial objective is to adapt to the Web3 platform, but with the aim of community building. In other words. Starbucks wants to incorporate everything they stand for. For instance, collaboration, arts, experience, and ownership. They plan to tap into the world of art, music, books, and more.
A Digital Third Place
We all know that our workplace and home are two places. Then there’s a third place where people can frequent. It is usually a regular club or a hangout zone. Starbucks aims to create such an ecosystem where people can join by taking leading-edge technology of Blockchain.
Given that the blockchain community is also looking for value-based NFT collection, this could positively affect the company.
Access Pass – Brandable Digital Asset
The objective of Starbucks’ NFT business will be to bring digital communities together with a multi-decade commitment to progress. It can turn into a treasure trove of assets like Starbucks card art, coffee art, and storytelling, all in the mix.
However, community membership will also turn into a perk. The Starbucks NFT collection will help the holders access exclusive ownership that will provide various unique experiences.
Expectations From Starbucks Branded NFT collections
There are many ways that the Starbuck NFT Business model could play out. As we know, digital art is integral to the NFT world. Starbucks also claims that its collection will be something taken from Starbucks artistic expressions. This will be from both heritage and newly created collections. Therefore, we can expect:
- A collection of various coffee art NFTs.
- Storytelling through the NFT collection for user experience could also be in the books.
- The series of branded NFTs will definitely provide community members to the holders.
As Starbucks wants to build future collections, we can expect them to use the digital ecosystem to provide evolutionary NFTs. They could also integrate customizations or the ability to mint new NFTs in the Digital Realm.
As it is a leading brand, we could also witness NFTs that one can show off in the Metaverse. These would include showing off the signature Starbucks artistic expressions, products, and more.
Starbucks CEO Howard Schultz Announcement And What We Can Speculate
The coffee giant announced in April 2022 to enter the blockchain and Web3 phrase with Genesis NFT Collection. The first collection will help in forming the core digital community. We could also see Starbucks partnering with like-minded brands to offer an exclusive experience.
Either way, we can gauge the following aspects of the Starbucks announcement:
Always Adapting to Changes
Starbucks has always adapted to rapidly changing technologies. We have seen them incorporate mobile ordering and mobile payment systems in the past. They never hesitated to take leading-edge technology and turn it into something unique. That is also their objective with the latest NFT business model.
We know that the customers of Starbucks never had any issue with the newly created or implemented features. Therefore, we can expect the community to adapt quickly to these.
Easily Accessible to Mainstream audiences
What does it mean when Starbucks claims to integrate ‘coffee art and storytelling?’ Truth be told, they want to access the broad potential of blockchain technology and offer it to mainstream audiences to build future collections.
If we have seen Starbucks does one thing, it is that they can create such an ecosystem that will be easier for people to adapt to. So, what are they going to do for it?
Environmentally-Friendly Blockchain Technology
We can expect Starbucks NFTs to be based on cross-chain or chain-agnostic infrastructure. Furthermore, the leaders in Starbucks have already stated that they want to approach this with eco-friendly methods. Thus, they plan on incorporating blockchain technology that aims towards multi-decade commitment to sustainability.
They are looking to scale and map out the environmentally-friendly blockchain technology. Ergo, they don’t plan on rushing their NFT collection or genesis release anytime soon. They will take their time to come up with everything. For instance, if there will be a shared ownership model or how the NFTs initiate community membership, among other factors.
The Bottom Line – Coffee Art and Starbucks Artistic Expressions
The announcement of the Web3 adaptation came with the quarterly earnings call of NFT in April. It takes time for an NFT project to be created and launched. As Starbucks plans to take their sweet time and build a community with it, we can expect it to take a good while before we hear anything about the release. It could take a couple of months or even the end of the year before we see Starbucks launching their own NFT collection.
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