Starbucks Set to Unveil it’s Web3-Based Rewards Program Next Month

On Wednesday, during an earnings call with investors, @starbucks founder and interim CEO Howard Schultz ( @howard.schultz ) shared the news that the coffee giant will unveil its web3-based rewards program at this year’s 2022 Investor Day in Seattle.

The news comes only a few months after Starbucks originally announced its plans to enter the web3 space with the launch of its NFT collection later this year. They noted that individual digital collectibles would also provide their owners content experiences, coffee themed NFT’s, and other exclusive benefits.

“We have been working on a very exciting new digital initiative that builds on our existing industry-leading digital platform in innovative new ways all centered around coffee and most importantly, loyalty, that we will reveal at Investor Day,” Schultz said.

Schultz went on to say, “we believe this new digital web3-enabled initiative will allow us to build on the current Starbucks Rewards engagement model with its powerful spend to earn stars approach while also introducing new methods of emotionally engaging customers, expanding our digital third place community, and offering a broader set of rewards, including one-of-a-kind experiences that you can’t get anywhere else, integrating our digital Starbucks Rewards ecosystem with Starbucks-branded digital collectibles as both a reward and a community building element. This will create a new set of digital network effects that will attract new customers and be accretive to existing customers in our core retail stores.”

As a loyal Starbucks customer and web3 enthusiast, I am very excited to see this come to fruition. What are your thoughts? Is this a good sign for web3 adoption, or will Starbucks face backlash from blockchain critiques? Let us know your thoughts below. 👇🏽