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Starbucks to launch NFTs this year offering access to ‘unique experiences and benefits’ –

Would you like your NFT latte at Starbucks? The coffee group announced its plans this week to take over the Web3 space by launching an NFT collection later this year where digital collection individuals will also give their owners access to specific experiences and other benefits, she said.

The company has touched on its investors ’plans accounts Q2 2022 Revenue calls for explaining how NFTs can help Starbucks increase the brand concept of “third party” – meaning a space between home and work where people can feel a sense of coffee ownership.

“Emerging technologies related to Web3, and especially NFTs, are now empowering this desire and allowing us to expand who Starbucks has always been at our core,” Starbucks Marketing Director Brady Brewer told investors by calling. “We are creating a third place for digital. To achieve this, we will expand our structure of what it means for people to become members of the Starbucks community, add new ideas such as ownership and community-based models that we see. development of the Web3 space, ”he added.

The company said it would build its NFT community on a “sustainable” Web3 platform – a decision it said would be in line with its existing commitments. The company did not specify what type of blockchain technology would be involved in its NFT collection, however, it said it was likely to be a “multi-chain” or “agnostic chain.”

While Starbucks shed light on the details of what it would look like in its original NFTs, who would design it, or what kind of membership features they would offer, she explained. in the next blog post She sees it as possible to create a recognizable business near her warehouse where digital products are not bought and sold in a fictitious way, but actually double the access card giving customers experience and benefit. special holidays.

“We plan to launch our first NFT collection, membership, and community later this year, based on coffee art and storytelling. It will bring unique experiences and benefits, worthy of the NFT collection at Starbucks,” he said. Posted by. This collection will then be the backbone to build future collection and community engagement Web3, the company said.

While some businesses are launching NFTs without thinking much about how technology fits into their larger business plans, Starbucks seems to be taking a different approach. Adam Brotman, Mobile Order & Payment System designer and Starbucks app, was brought in to help serve as a project consultant.

Notably, the company is also looking for a new manager who understands the power of this new technology, said current interim manager Howard Schultz. Exec has long had back in the coffee chain – now through the union push – after the departure of Kevin Johnson, who served as general manager until 2017.

In addition to having a solid understanding of the Starbucks brand and global experience, he said the new manager has an understanding of Web3 technology, as they can help Starbucks communicate better with younger people. NFTs can also provide you with a way to generate traffic and increase revenue, not only in terms of retail, but also increase revenue from its business, he added.

“I think the next manager will be a creative person who will understand that Starbucks brand equity has a real set of rules outside of our stores. And in the world we live in today, our customer base is shrinking. is a digital birth, and they expect Starbucks to be as relevant outside of our stores as we are inside, ”Schultz explained. “… The new manager, obviously, needs to have an understanding and understanding and judgment about the fact that we can play in many theaters that may be satisfied with their merits and completion of our retail business,” he said.

Investors did not ask many questions about Starbucks’ new NFT project, but instead focused more on the impact of Strarbucks trading activity, stopping stock purchases, and the Chinese situation, among other things.

Not surprisingly, Starbucks is ready to test the NFT space, though, the company has made a name for itself ahead of the curve when it comes to adopting new technology. Its mobile payment system, for example, helped with the idea of ​​using the phone to pay bids well before Apple Pay and other NFC-based payment experience experiences were widely available. Today, Mobile Order & Payroll is a business of more than $ 4 billion, according to Starbucks, up 400% over the last five years and up 20% over the previous year. Starbucks says it is currently working to develop enhanced digital technology for customers to comment on even when they are not paying with a Starbucks card.

Coffee group raises Q2 revenue expectations, $ 7.64 billion Vs. $ 7.6 billion is expected and earnings per share of 59 cents have been improved, in line with expectations – although losses in China are due to new Covid bonds. Q2 net income came in at $ 674.5 million, or 58 cents per share, up from $ 659.4 million, or 56 cents per share, a quarter-year ago. The company did not make a quarterly forecast, citing several factors including China, inflation, and retail and labor investment.