Have you ever thought of NFTs? They are becoming more and more popular among brands, celebrities, and other entities. Facilitated by the growth in technology, they are among the emerging issues with cryptocurrencies.
Although they are the same as crypto, their operations are slightly different.
Starbucks is among the large brands that have announced they are joining the NFT fray. Dubbed as ‘Third place,’ you will be able to get your NFT as you purchase your latte.
Starbucks NFTs are the collectable digital assets that will enable you to join the global community.
Like other NFTs, you will be able to store and trade your digital assent with others.
Although the company is rolling out the program, it has stated it will mainly focus on coffee before extending to other areas.
What is a Starbucks NFT?
Starbucks NFT is a digital collectable asset that enables you to access exclusive content and other benefits. That is according to the Starbucks blog.
The NFT programs will run on the third place concept. According to Howard Schultz, Starbucks CEO, a concept is a place outside home and work where you can feel a sense of belonging.
Starbucks’ new digital loyalty program ensures you can own digital collectables while enjoying a drink.
As you grab your drink, the company wants to ensure you can also own a digital collectable. This simple, known as nonfungible token enables you to trade with others.
The timing comes at a time when the NFT trading, as well as the cryptocurrency market, is down.
What is third place in Starbucks?
The third place, according to Starbucks, is between home and work. The term is commonly used to describe a place where people can connect and build a community.
The term describes the digital era where people can intact act virtually. Especially with Starbucks rolling out the NFT loyalty program, people can earn and trade their NFT tokens.
According to the company blog, the main focus of the third place is a community-based platform where;
- Starbucks would create a digital platform inspired by collaboration, shared ownership, and experience.
- A new model that is connected to the Starbucks community.
- They would create accretive business adjacent to their stores to benefit the community, partners, and business.
- The company will utilize technology that supports sustainability and commitment.
The ‘Third Place’ policy is mainly geared toward the blockchain technology called Web3. The technology is the backbone of the crypto world, specifically NFT. It also supports cryptocurrencies and associated entities.
Is it safe that Starbucks Joins Web3?
Since all crypto-associated activities happen on the web, there is a special platform known as Web3.
Unlike the regular internet, where activities are controlled at a central point, Web3 eliminates this.
Usually, the web enables decentralized apps to run smoothly through blockchain technology.
The essence of decentralization and employing blockchain technology is for the safety and privacy of the users. Therefore, if you are asking whether it is safe for Starbucks to join web3, the answer is yes.
For the Starbucks NFT to actualize, the company will have to join web3. This will allow the users to enjoy buying and trading in starbucks NFTs.
The good thing with this web is that it allows you to own the data, pseudonymity, and democracy.
The current technology is web3, and it’s the most secure. Therefore, you can be pretty sure Starbuck will join if the platform for NFT actualizes.
By the look of the things, Starbucks is serious about rolling out the plan. This is according to their CEO, and their blog has also been updated.
What to expect from Starbucks NFT?
Many corporations are slowly recovering from the effects of COVID-19. With dwindling profits, they are coming up with new measures.
The Starbucks step toward investing in the future is a great move. by embracing the technology and emerging issues, it strengthens the brand.
Upon announcing venturing into Web3, investors have taken the idea with positivity.
Bearing Starbucks has around 27 million customers, it is a perfect initiative to venture into the NFT business. Furthermore, if the company ensures the availability of user-friendly apps, it will be one factor in ensuring that the program will succeed.
Starbucks is known for its amazing loyalty program to its customers. This will be one of the many reasons its new initiative will succeed. If it can promise a new digital loyalty program to its customers, it can be one of the reasons for success.
Is it all rosy for Starbucks NFT?
Starbucks didn’t reveal a lot about its NFT program. Though, looking at the current trend in the crypto market, things aren’t that rosy.
The market has been volatile, and the price has been flattening. However, the situation isn’t as bad as in crypto coins.
Investing in NFTs is long-term and is mainly to secure the future. Also, a large customer base means more stability.
Since Starbucks has not yet rolled out the program, they might hold until the market stabilizes. Therefore, even with much hype about Starbucks joining web3, it is not immune to the market forces. We might take time before the move actualizes.
When is Starbucks NFTs available?
The actual date when the NFTs will be available isn’t yet known. However, you can expect a thrill when they hit the market.
Since there t is no officially announced date for the unveiling, we can only speculate. But, based on the NFT market, there is no indication it will be any time soon.
The unveiling date might be in a month or even at the end of the year. However, we can only hope the company sticks to the plan and avail digital assets to its customers.
Summary
While the crypto assets look flattening, many companies are willing to venture in. Starbucks, one of the largest coffee restaurants, wants to secure its future by investing in Web3.
The anticipated Starbucks NFT will prove the company’s policies and market muscle. Whether the plan comes soon or after a while, the program seems a perfect direction for the company.
