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2022-05-05 | Selina Mathew
During Starbucks' Q2 2022 earnings conference on Tuesday evening, the company announced its plans to enter the Web3 industry with a line of NFTs. Starbucks' new branding as a "third place," which the business describes as a "warm and welcoming environment" where people can gather and develop community, includes the NFT component.
NFTs, or non-fungible tokens, are tokens established on a blockchain to act as proof of ownership. These are speculative assets, just like every other token. These tokens are usually associated with a piece of media – digital art, an image, or anything else – and act as a digital receipt for the sale.
It's important to note that the asset being retained is the NFT itself, not the medium to which it's linked.
Starbucks claims that many people consider NFTs as a new sort of ownership for digital art that is often swapped on a speculative basis, which is why the business wants to create a series of NFT collections. While this was true in the early days of the industry, Starbucks was enthralled by the ability of NFTs to provide individuals with a programmable, brandable digital asset that functions as an access ticket.
NFTs offer a lot of promise for improving shared-ownership loyalty, community building, storytelling, and consumer engagement models. In addition, the process generates accretive income for stakeholders and creates a new type of digital ecosystem to complement Starbucks' existing digital platform offering.
The purchase of a number of Starbucks' NFT collections is planned to act as an entry point into the community, providing access to special experiences and benefits. Themes for these collections will be inspired by heritage and contemporary artistic expressions, as well as world-class collaborations with other innovators and like-minded enterprises.
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