A community defined by collaboration, experiences and shared ownership, entirely centered on coffee extended to the many areas of art, music, books and digital…
Emerging technologies associated with what is known as Web3 now enable this aspiration in a way that expands what Starbucks has always been at the heart of our company. Many companies will reinvent themselves with their customers. The US company thinks that the blockchain will play an important role this time for in-store use. A few years ago, Starbucks used blockchain for its coffee bean producers.
They have launched a pilot program with selected coffee farmers in Costa Rica, Colombia and Rwanda to develop a blockchain-based system to share real-time information along the coffee bean journey and unlock financial opportunities potential for coffee bean growers at the other end. Using a smartphone, customers can scan a code on the back of coffee bags for an immutable record, built using Truffle Suite tools and Azure Blockchain, to view coffee history. The dossier includes information on where the beans are grown, Starbucks’ support efforts for farmers in that region, where the beans were roasted, tasting notes, and more.
Starbucks is 50 years old, it’s an iconic mobile brand that very quickly understood the value of a smartphone in the pocket of each customer. They have amassed a treasure trove of assets that they can leverage in such an ecosystem with nearly 27 million active Rewards members in the United States. This brand will surely become a model for other companies to show that executing an NFT strategy with its physical business is beneficial for their consumers!
Many people see NFTs as a new form of digital art ownership, often traded in a highly speculative way. While this was true on some level early in the space and still holds true now on some stocks, brands are often fascinated with how NFTs allow people to own a programmable and customizable digital asset, which also serves as a access pass. Starbuck believes NFTs have broad potential to create an expanded model of shared ownership for loyalty, delivering unique experiences, building communities, storytelling and customer engagement. This new source of relative business will benefit a number of stakeholders in the process, while creating a new type of digital ecosystem to complement Starbucks’ current digital platform offering.
The company plans to create a series of branded NFT collections, ownership of which initiates community membership and provides access to exclusive experiences and benefits. The themes of these collections will arise from artistic expressions of Starbucks, both heritage and newly created, as well as global collaborations with other like-minded innovators and brands.
Starbucks also has a history of taking cutting-edge technology, innovating, and making it accessible and accessible to the masses. Our history with loyalty, mobile payment, mobile ordering and Wi-Fi has taught us how to engage customers at scale to unlock opportunities. A Starbucks Digital Community Web3 platform has the potential to pioneer the combination of an accessible and broadly accessible front-end supported by appropriate, fast, and inexpensive blockchain technologies. Their approach to blockchain technology will certainly start with supported collections and an infrastructure that is consistent with our decades-long commitment to sustainability.
As with mobile, Starbuck plans to take a phased approach, eager to move fast, experiment, learn, and collaborate. He plans to begin with our first collection with the NFT community later this year, based on coffee art and storytelling, with a host of unique experiences and benefits worthy of a Starbucks Genesis NFT collection.
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Starbuck on the way to creating a new community with NFTs
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