business news in context, analysis with attitude

•  TechCrunch reports that Starbucks has announced that "its plans to enter the web3 space with the launch of its own NFT collection later this year, where the individual digital collectibles also provide their owners with access to exclusive content experiences and other benefits, it said.

"The company touted its plans to investors on its fiscal Q2 2022 earnings call by explaining how NFTs can help Starbucks extend its brand’s concept of the 'third place' — meaning a place between home and work where people can feel a sense of belonging over coffee."

Starbucks Chief Marketing Officer Brady Brewer told investors last week that "we are creating the digital third place. To achieve this, we will broaden our framework of what it means for people to be a member of the Starbucks community, adding new concepts such as ownership and community-based membership models that we see developing in the web3 space."

Starbucks said "it would build out its NFT community on an 'environmentally sustainable' web3 platform - a decision it said would be more in line with its existing sustainability commitments. The company didn’t indicate what sort of blockchain technology would be involved with its NFT collections, however, but said it was likely to be 'multi-chain' or 'chain agnostic'."