Starbucks integrates Web 3.0 into rewards program

The company intends to attract a younger audience

04.08.2022 - 15:25

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What’s new? The Starbucks coffee chain intends to integrate Web 3.0 features into its rewards program. During the earnings report, interim CEO Howard Schultz noted that digital collectibles features may be included in the Starbucks Rewards ecosystem. According to Schultz, they will be used “as both a reward and a community-building element.” More details about the innovations will be presented on September 13 during Starbucks Investor Day.

Starbucks’ earnings and loss report

What else did the company add? According to the report, global revenue grew 9% from the previous quarter to a record $8,2 billion. The integration of Web 3.0 elements is part of an effort to attract and retain a younger portion of Starbucks' customer base, Schultz said.

“We don’t want to be in a business where our customer base is aging and we have a less relevant situation with younger people,” he explained.

Starbucks announced plans to integrate NFTs into its business back in April. At that time, Schultz noted that the company would take over this area of digital assets by the end of 2022.

In July, American restaurant chain Chipotle held a drawing for $200 000 in cryptocurrency. In order to participate in the promotion, it was necessary to play a mini-game on the company's website. All participants also received consolation prizes in the form of coupons. In June, restaurants in the US began accepting cryptocurrency for payment.

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