Starbucks doubles down on NFTs with new collection at Nifty Gateway
Starbucks unveils yet another set of collectible digital NFTs. Despite the overwhelmingly negative sentiment towards crypto and NFT, why do companies like Starbucks continue to push against web3?
Starbucks, the world’s largest coffee chain, has once again stepped into the world of non-fungible tokens (NFT) with the launch of a new collection called The first store collection.
The series has collectible stamp images and are available on the Nifty Gateway web3 platform, priced at $100 each. Since its launch, the collection has experienced significant demand, with each NFT selling out quickly.
Indeed, a quick visit to the website will reveal that the collection was abruptly sold out. What does this mean for Starbucks’ foray into NFTs and how does this fit into the market’s growing negative perception of NFTs.
Starbucks NFTs
This move shows that Starbucks is still pushing towards web3 adoption, despite the negative perception surrounding NFTs and crypto. The coffee giant is not alone in this regard, as other major companies such as Nike, Vespa and Lamborghini also continue to invest in the space despite the bear market and public outcry.
But why are these companies so interested in NFTs? The answer becomes clear when looking at the performance of Starbucks’ previous NFT collection, The Siren Collection Stamp. This collection contained 2000 NFTs and was sold out in just a few minutes.
The release of another NFT collection seeks to replicate this influence, and so far it appears to be succeeding.
Collectable art at first appears to have no value, especially for companies suddenly entering the “collecting business”. But for Starbucks, the company has already released a plethora of collectible items as part of its brand even before web3 and blockchain technology.
The iconic coffee chain’s success lies not in a secret sauce strategy for NFTs – but rather in the already established brand culture of collecting stamps, stickers, mugs and more for fun.
Starbucks’ web3 adoption strategy is an example of how large companies are using blockchain technology to engage with customers and generate revenue. By creating unique and collectible NFTs, companies like Starbucks can capitalize on the growing demand for digital assets and offer customers a new way to engage with their brand.
Final thoughts
Starbucks has shown that NFTs can be a successful revenue stream, and it’s in the already established brand culture. Companies that go into web3 and just replicate the methods may not see the results they’ve been hoping for.
For now, the coffee chain’s latest NFT collection is yet another example of a company’s successful foray into digital collectibles.
Edmond is a passionate writer for video games, GameFi and Web3. He has worked for top GameFi companies and video game/crypto news sites.
