The well-known coffee shop chain is preparing to enter the Web3 with a loyalty program based on NFT, according to its CEO.
- Starbucks will launch its Web3 and NFT project next month.
- The CEO said the collectibles will be part of the loyalty program.
- The strategy could help the brand attract more young consumers.
The popular coffee shop chain, Starbucks is preparing to launch its anticipated Web3 strategy, which includes a first collection of coffee-themed non fungible in cryptocurrency, fungibility is when a coin or token can be replaced by any other identical coin or token. tokens (NFTs).
According to a informs of TechCrunch on Thursday, the company’s founder and interim CEO Howard Schultz previewed information about the initiative during an earnings call this week with investors. “ We have been working on a very exciting new digital digital technologies are these electronic tools that have the ability to generate, store or even process data. initiative. “ Schultz, who returned to the company in April, said.
The project will be based on Mobile Order & Pay the mobile ordering and payment application from Starbucks which, according to the media outlet, has been one of the coffee shop’s biggest successes in terms of technological innovations. In addition, the company is taking a slightly different approach with NFTs, as they will be incorporated into its loyalty program.
We believe this new Web3-enabled digital initiative will allow us to build on the current Starbucks Rewards engagement model with its powerful spend to earn stars approach while introducing new methods to emotionally engage customers.
Schultz explained that the digital collectibles will offer consumers a set ” of rewards, including unique experiences “ while serving as an element of community building.
“ This will create a whole new set of digital network a network refers to all nodes in the operation of a blockchain at any given moment in time. effects that will attract new customers and increase existing customers in our core retail stores. “, agregó.
NFT will be included in the program Starbucks Rewards
The coffee giant had announced in May that he was working for “ create a series of branded NFT non-fungible tokens (NFTs) are cryptocurrencies that do not possess the property of fungibility. collections “in an effort to build a global digital community. In a release at the time, the company had also hinted at exploring Web 3, however, it had not provided further details on the strategy.
The CEO’s most recent statements advance that Starbucks sees collectibles as an extension of its existing loyalty program. As he points out Tech Crunch currently Starbucks Rewards allows the customers earn stars with in-app purchases or in physical stores which they can then exchange businesses that allow customers to trade cryptocurrencies for fiat money or other cryptocurrencies. for tangible rewards, such as free drinks.
In addition to rewarding loyalty, NFTs non-fungible token, a unique non-interchangeable piece of digital content that is stored on a distributed ledger (blockchain). could also help the coffeehouse chain elevate the brand’s appeal among younger consumers. According to the report, Schultz’s comments during the call also referenced Gen Z’s demand for Gen Z’s signature coffees and cold beverages. Starbucks which boosted sales in the last quarter.
“ We don’t want to be in a business where our customer base is aging and we have a less relevant situation with younger people. “, he said, before adding that the company “ has never been, in our history, more relevant to Generation Z than we are today. “.
It is expected that Starbucks provide more details about your Web3 and NFT project at next month’s Investor Day event.
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Article by Hannah Estefania Perez / DiarioBitcoin
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