The Giants are exploring new sources of consumption growth based on NFT ecology, and Starbucks doesn’t want to miss this opportunity.
After hinting back in May that it wanted to get into Web 3, Starbucks is finally planning a landing.
Starbucks has unveiled its new membership system, Starbucks Odyssey, which will allow customers to buy and obtain “Digital stamps” in the form of NFT, with benefits and benefits. Starbucks says confidently that the plan will bring a “Revolutionary” web 3 experience to its members.
It is reported that Starbucks chose to use the Ethernet side chain Polygon provided by the blockchain technology to start the program. Polygon and Ethernet eco-compatible, but compared to the Ethernet main network congestion, Polygon transactions faster and cheaper to use.
Specifically, the“Starbucks Odyssey” is more like a previous upgrade of Starbucks membership, currently only the United States area of the Starbucks membership can submit a waiting list.
In the new“Odyssey” system, Starbucks members and partners and even employees can access the NFT, and these NFT in support of transactions and transfers, but also represents the corresponding Starbucks benefits. Starbucks offers things like online coffee-making tutorials, co-branded artists, and invitations to Starbucks Reserve Roasteries exclusive events, even a trip to Costa Rica’s“Starbucks Hacienda Alsacia” coffee farm and a range of other member rights.
Notably, Starbucks has lowered the barrier to entry for its members into the Web 3 world. In its built-in NFT marketplace, members can purchase NFT directly with a credit card without having to register a cryptocurrency wallet.
Bredie Brewer, Starbucks Executive vice-president and chief marketing officer, raves about his new membership system, adding: “Using WEB3 technology will allow our members to have experiences and ownership that they couldn’t have before.”, “We entered the WEB3 space in a way that no other brand did, and that helped deepen the connection between our members and Starbucks.”
Starbucks is not the first brand to tie NFT to its membership system. NFT’s biggest fashion brand, “Boring Ape” is the full name of the“Boring Ape Yacht Club”, only have the NFT to automatically become a member of its club.
The math-based uniqueness and uniqueness of NFT dovetails nicely with the current membership system, but the success of several other stars in the US may be the real reason for Starbucks’ embrace of Web3.
NFT has become one of Nike’s fastest-growing new businesses. Nike topped NFT’s list of the highest-earning brands with cumulative sales of $185m, according to Dunn Analytics. Nike Digital, which includes NFT, is the fastest-growing segment of the Nike market, accounting for 26 per cent of the brand’s revenues, according to the report.
Another commercial league, the NBA, has also made a fortune off the NFT. NBA Topshot NFT has broken through $1 billion in total sales and 20 million transactions this year, making it the world’s sixth $1 billion-plus NFT project, according to Cryptoslam. Tiffany & Co. , the US fashion giant, has also made its debut with its NFT jewellery line, which grossed $12.62 m in just one month.
Starbucks is clearly not going to miss out on the NFT ecosystem, where the giants are tapping into new sources of consumption growth.