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Starbucks set to enter the NFT ecosystem

Few coffee brands are more famous than the Starbucks brand, and from the look of things, this coffee powerhouse is set to debut in the NFT space

Starbucks: More than coffee

If you Google Starbucks, the results will probably tell you how it is an American multi-national coffee house chain, but to many, Starbucks is more than a coffee house; it’s a way of life. In the US, it seems like every neighborhood has a Starbucks, and over the last few years, its expansion drive has helped it open a record number of new stores globally.

Starbucks has perfected the art of producing excellent coffees with “questionable” names, but selling coffees is not this brand’s primary business in more ways than one. As mentioned earlier, Starbucks is a brand many people have an emotional connection with. The brand realizes this fact, which must be one reason why this company is delving into the NFT space.

If Starbucks is an essential part of your daily routine, you might be excited to learn that this company is about to make its NFT debut, and it might happen sooner than most people expected. There have been a few changes in the Starbucks kingdom, and the company recently appointed an interim CEO that’ll help lead the NFT drive.

Throughout this piece, we’ll look into the possibility of Starbucks running a long-term NFT campaign from the get-go.

Web3 Starbucks

Howard Schultz is a billionaire businessman and an important figure in Starbucks history, and he recently rejoined the company as its Interim CEO. During an Open Forum on Monday, April 4, he shed more light on the company’s web3 drive while making a lot of bold promises about its future.

During the forum, Shultz shared the following, “If you look at the companies, the brands, the celebrities, the influencers that are trying to create a digital NFT platform and business, I can’t find one of them that has the treasure trove of assets that Starbucks has from collectibles to the entire heritage of the company.”

Starbucks knows they are sitting on a treasure trove of intellectual property that could be easily transformed into NFTs. They also know that their customers’ relationship with it is more emotional than logical. The next few months promise to be exciting for the company, and it’ll be interesting to see how Starbucks makes the most of its IP assets.

Why is Starbucks entering the NFT space now?

Most companies claim to enter the Web3 space because it’s an exciting way to engage customers and users better, and that’s part of the truth. Nowadays, a considerable amount of companies have the ability to debut in the NFT space with little to no effort.In Starbucks’ case, entering the Web3 space makes too much sense as the company is currently going through a few challenges, including inflation-induced price increases, employee dissatisfaction, and challenges in the critical Chinese market.

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Musa
Musa is a content creator, student, and founder of Equatif.com He is interested in the creation of thought-provoking pieces about digital technology. When he’s not working on Equatif, he’s volunteering across West Africa to bring about social change. He’s most passionate about SDG 4.

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