Starbucks is working on a set of new initiatives as part of its efforts to enter the NFT market. What's more, the company might even join the metaverse fray as it plans to drop a series of NFT collections to bring "digital communities and experiences to life in the digital realm."
The Seattle-based company wrote in a recent blog post it sees broad potential in NFTs to create an expanded and shared-ownership model for customer engagement. Although Starbucks didn't go further into details, here's what it had to say about the upcoming drops:
The themes of these [NFT] 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.
And while Starbucks didn't say firmly that it plans to go all-in on the metaverse, the multinational chain of coffeehouses noted that it has amassed a "treasure trove of assets" that we can bring to bear in "such an ecosystem." Starbucks added:
Our approach to blockchain technology – while ultimately likely to be multi-chain or chain agnostic – will certainly start with collections backed by blockchains and infrastructure that is consistent with our multi-decade commitment to sustainability.
During the fiscal Q2 2022 earnings call, Starbucks Chief Marketing Officer Brady Brewer told investors that the company is set to broaden its framework of what it means for people to be a member of the Starbucks community, adding "new concepts such as ownership and community-based membership models that we see developing in the Web3 space," TechCrunch reports.
Starbucks first revealed its plans for NFT-related projects in April this year, when its head Howard Schultz said that the firm plans to enter the market of digital collectibles by the end of this year.
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