Starbucks (SBUX  ) recently announced the coffee chain intends to come out with their own NFT collection sometime later this year. The company claims that they are doing so because they believe that NFTs can potentially grow Starbucks' "third place," which is essentially a setting at which people generally feel comfortable outside of both work and home.

"Emerging technologies associated with web3, and specifically NFTs, now enable this aspiration and allow us to extend who Starbucks has always been at our core," Starbucks Chief Marketing Officer Brady Brewer told investors on a call about fiscal Q2 2022 earnings.

Starbucks also went on to say that they would establish their NFT community on an "environmentally sustainable" web3 platform, which is essentially aligned with their environmentally friendly principles. Along with the NFTs will come a set of perks that will go along with Starbucks' current offers.

At this time, Starbucks is unsure of which specific blockchains that they will utilize for their program. But they are fully aware of the need to secure cryptocurrency wallets during this time of technological advancement.

For Starbucks' program, they plan to implement loyalty benefits that are connected to their NFTs. Although, when asked, they could not reveal the exact nature of the NFTs or the exact rewards that they could offer, Starbucks did say that it would all be based on "coffee art and storytelling."



According to Starbucks, the NFTs will commemorate their past history, as well as build on new stories and images. So, although Starbucks has not made it clear as to exactly what these stories or images will look like, they will likely build on past art and designs that they have already created for their current products. 



Starbucks' future benefits program will likely be linked to their present Starbucks Rewards program. With the company's Rewards program, they have an app that provides either digital or physical cards to support membership. Consumers are able to earn stars for certain purchases and be eligible for free products, such as free coffee on their birthdays. The NFT collection is speculated to be quite similar to or to already add to this current Rewards program.