Starbucks might have created a globally-loved brand that is now synonymous with coffee but can it conquer the digital world? The coffee chain, which boasts thousands of locations worldwide, has confirmed that it will be making the leap into the blockchain world with an incoming NFT collection.
This comes as Starbucks CEO Howard Schultz has announced that Starbucks will be joining other global food brands like evian by launching its debut NFT collection before the end of this year.
Details About the Collection
In an open forum, Schultz explained that Starbucks would be getting into NFTs as part of its marketing to not only get in on the trend but also to celebrate its brand legacy.
“If you look at the companies, the brands, the celebrities, the influencers that are trying to create a digital NFT platform and business, I can’t find one of them that has the treasure trove of assets that Starbucks has from collectibles to the entire heritage of the company,” he explained.
Schultz is clearly confident with Starbucks’ NFT potential as he said that the company has the knowledge and resources to enter and thrive in the digital space. While a concrete date has not been given for the NFT launch, it is going to be this calendar year, according to him.
There is no denying that Starbucks is already a wildly successful company and one of the most recognized brands in the world but how would it fare in the NFT world? Most likely well, given the current circumstances. Many companies within the same industry like Taco Bell are reportedly looking into NFTs and brands like evian have already launched NFTs.
At this point, some sort of collection from the coffee chain seems obvious. The success of NFTs have seen them gradually become a digital rite of passage for brands wanting to stay in with the times.
Then there is the brand history that Schultz referenced. One of the reasons why Starbucks is so well-known is because of how highly placed it is in pop culture. From its famous secret menu to the instantly-recognizable logo, there is a lot of material that could be turned into an NFT.
Coming to a Store Near You
For Starbucks lovers who pride themselves on sampling every limited-edition menu item and religiously patronizing the brand, an NFTs would be a must-have item. Depending on the success of the collection and the landscape of NFT in general, collections for food and drink chains might actually become commonplace.
But besides the novelty of having an NFT from your favourite chain, what can be done with it? The answer is; a lot. So far, we’ve seen NFTs be used to unlock exclusive experiences or be attached to the brand’s merchandise.
For a food chain, an NFT could very well be a way to get free meals and drinks, exclusive merchandise, and so on. Maybe they could even unlock the famous secret menu items? Whichever route Starbucks and other brands take, it is clear that the fans will be watching.