One of the world’s most popular coffee chains is making waves in the digital world with their new NFT (non-fungible token) collection.
NFTs are the revolutionary new technology driving innovation in a variety of industries, including retail.
The inaugural collection from Starbucks, which features both physical and digital items, is the first of its kind from the iconic coffee chain. Through this new offering, Starbucks has demonstrated that they are embracing the power of blockchain technology and the potential it holds for brands and consumers alike.
What does this new NFT collection mean for both brands and consumers, and what does this signal for the next wave of digital transformation in digital marketing and brand engagement?
First Collection From The Major Global Retailer
The new Starbucks Odyssey experience will offer members the ability to earn and buy digital collectible stamps (NFTs) that will unlock access to new, immersive coffee experiences. Through this system, customers can purchase and receive rewards in the form of NFTs.
The NFTs can then be used to gain access to various exclusive experiences or events. In addition, customers who hold NFTs can trade them for other NFTs or for physical goods, giving them more control over their loyalty rewards. As one of the first companies to integrate NFTs with an industry-leading loyalty program at scale, Starbucks will create an accessible Web3 community that will enable new ways to engage with members and partners (employees).
Customers will be able to experience new and exclusive experiences without worrying about time limits or location restrictions. With this, customers are able to access special events, workshops, and even limited edition coffees, adding an extra layer of convenience and luxury to the loyalty program. This is also beneficial for Starbucks, as it enables them to create an entirely new customer segment within their customer base by creating an exclusive NFT marketplace.
How are NFTs Good for Business?
In the latest digital marketing move from Starbucks, the global retailer has set the stage to leverage the power of NFTs to drive innovation and growth in its business. Starbucks has recently switched its 24.2 million loyalty program to blockchain, using a POS setup with Polygon.
One way that NFTs can drive innovation at Starbucks is by enabling the company to test new products at speed and scale. For example, let’s say that Starbucks wants to launch a new product based on a popular trend in food and beverage, but the company is not quite sure how big the demand for this new product will be. With NFTs, Starbucks can test demand and figure out if this is something they want to launch by doing a drop.
The company can hire an artist to design 10,000 unique pieces of art and then sell the art to its 24 million subscribers. The art will come with benefits for holders, such as discounted or free lattes for a year, access to special events and experiences, and the ability to get first-in-line for any future drops. If the art sells out, Starbucks can double-down and figure out where to go from there. If the art bombs, the company can study what did work and figure out why.
NFTs are more than just a JPEG
They combine affiliate marketing, finance, art, user experience, design, and literally a complete-multi disciplinary experience.
The use of NFTs in retail industry is still in early stage, but it is clear that NFTs have the potential to drive innovation and growth in the retail industry, and Starbucks is leading one of the ways.
That’s why Alsomine is building the platform for NFTeers to experience the real value and benefits of their NFTs. We see NFTs for what they really are — a vehicle to carry value, experiences and usability of services between companies, web2 or web3 alike, and customers.
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