During its fiscal Q2 2022 earnings call, Starbucks announced its plans to launch its own NFT collection later this year, which will provide owners with access to exclusive content experiences and other benefits, TechCrunch is reporting.
“We are creating the digital third place,” said Brady Brewer, Starbucks Chief Marketing Officer. ” To achieve this, we will broaden our framework of what it means for people to be a member of the Starbucks community,” he added.
Brewer explained how NFTs will help Starbucks extend its concept of the ‘third place,’ a place between home and work, where people can feel “a sense of belonging over coffee.”
Starbucks also highlighted that it will build its NFT community on an “environmentally sustainable” web3 platform, although it didn’t reveal what sort of blockchain technology would be involved.
“We plan to start with our first NFT collection, membership, and community later this year, based on coffee art and storytelling. It will come with a host of unique experiences and benefits, worthy of a genesis NFT collection from Starbucks.”
Notably, the company said it’s also looking for a new CEO who understands the potential of these new technologies, according to current interim CEO Howard Schultz.
Starbucks exceeded its Q2 revenue expectations, with $7.64 billion versus $7.6 billion expected and earnings per share of 59 cents adjusted.