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Starbucks Will Unveil its Web3 Based Rewards Program Next Month

The popular coffee chain Starbucks is securing its position in the Web3 space by unveiling its Web3 initiative that includes coffee-themed NFTs at next month’s Investor Day event on 13th September 2022

Starbucks had already announced its plan to enter the Web3 space earlier this year and said that its NFTs wouldn’t be just digital collectibles and have real-world value. The NFTs will give holders access to exclusive content and other perks. 

However, at the time of the announcement, the company was light on details but still made a lot of noise in the industry with speculation. But now, the founder and interim CEO Howard Schultz has come forward and told, 

“We have been working on a very exciting new digital initiative that builds on our existing industry-leading digital platform in innovative new ways all centered around coffee and most importantly, loyalty, that we will reveal at Investor Day,” 

He added, “we believe this new digital web3-enabled initiative will allow us to build on the current Starbucks Rewards engagement model with its powerful spend to earn stars approach while also introducing new methods of emotionally engaging customers, expanding our digital third place community, and offering a broader set of rewards, including one-of-a-kind experiences that you can’t get anywhere else, integrating our digital Starbucks Rewards ecosystem with Starbucks-branded digital collectibles as both a reward and a community building element.

“This will create an entirely new set of digital network effects that will attract new customers and be accretive to existing customers in our core retail stores.”

While details are still not clear yet, it has led to several speculations in the industry. An NFT enthusiast and investor in BAYC NFTs, BitBoyJay has recently tweeted, “So @Starbucks wants to come into web3 well I just hit every popular drink 💀 and Starbucksmenu.eth” 

While we can only assume, it seems BitBoyJay has some insider knowledge about Starbucks plans and is already acting on it. It would be interesting to see what Starbucks unveils next month. Stay tuned. 

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