Starbucks, the Seattle-based coffee giant, has entered the NFT market by issuing its first paid collection of non-fungible tokens. The NFTs, called “Journey Stamps,” were priced at $100 each and sold out in less than 20 minutes.
The release is part of Starbucks Odyssey, a new membership program that promises to provide members with exciting coffee experiences and exclusive perks.
Starbucks is moving quickly to Web3
Those who have purchased Starbucks NFTs can use them to level up in the program and receive additional benefits such as access to virtual classrooms, merchandise, and even a trip to a Starbucks coffee farm. Purchasing NFTs also gives members additional “points” that they can use to level up.
Starbucks is not the first corporation to enter the NFT market. Other big brands like Taco Bell, Nike, Adidas, and GameStop have also released their own NFTs. However, Starbucks is a relatively latecomer, and the success of its NFT issuance shows that there is still demand for irreplaceable tokens even from companies not traditionally associated with cryptocurrency.
One possible reason why Starbucks is using NFT is to reinvent itself and engage with customers in new ways. The company’s CEO, Kevin Johnson, is implementing a “reimagining plan” that includes a framework for accelerated earnings growth over the next three years. This plan is supported by increased comparable store sales growth, increased store count and continued margin expansion.
Part of this upgrade plan is the launch of Starbucks Odyssey and the use of NFT for shopping promotion and interactions with customers. NFTs offer Starbucks a new way to extend the concept of its “third place” philosophy, which refers to the idea that Starbucks locations can serve as a “third place” between work and home, where people can gather, relax and socialize.
Starbucks growth expected over the next 2 years is promising
Starbucks’ expected growth over the next few years is promising, with same-store sales growth of 7% to 9% annually, compared to a previous range of 4% to 5%.
The company’s expansion plans include huge comparative sales figures in China for fiscal years 2023 and 2024, with the opening of its 6,000th Chinese store on September 26.
This growth potential could be a win-win for the company and the Web3 and NFT markets, as Starbucks’ expansion into the digital space could drive greater adoption of these technologies and offer customers new ways to interact with the brand.
Starbucks NFT was launched late but still successful
Starbucks has finally entered the NFT market with the release of its first paid collection of non-fungible tokens. The “travel stamps” cost $100 each and sold out in less than 20 minutes. This shows that there is a high appetite for this type of collectible, as well as the potential to attract millions who have yet to dive into NFTs.
And as Starbucks’ growth picks up pace, especially in China, this could really have a major impact on the NFT space.
