Coffee retailer Starbucks (SBUX) is planning to launch a new loyalty rewards program tied to non-fungible tokens (NFTs).
Starbucks chief executive officer (CEO) Howard Schultz discussed plans for an NFT loyalty program, along with other Web 3 initiatives, when announcing the Seattle-based company’s latest quarterly earnings.
“Imagine acquiring a new digital collectible from Starbucks, where that product also serves as your access pass to a global Starbucks community, one with engaging content experiences and collaboration all centered around coffee,” said Schultz
A post on the company’s blog provides more details, stating:
“We plan to create a series of branded NFT collections, the ownership of which initiates community membership, and allows for access to exclusive experiences and perks.”
Starbucks says the NFT collectibles will be designed and created by collaborations with online innovators and like-minded brands.
Starbucks hasn’t said which blockchain it will use for the NFT loyalty program. Starbucks’ reward program currently has 26.7 million members worldwide.
Starbucks has traditionally been an early adopter of new technologies. The company was one of the first to implement mobile payments and Wi-Fi in the U.S.
