Starbucks announces plans for NFTs just as digital asset sales tank

Shawn Knight

Posts: 14,127   +154
Staff member
In brief: Starbucks has revealed that its web 3.0 strategy will involve creating an "authentic digital third place experience" through the use of non-fungible tokens (NFTs). But is the coffee maker already too late to cash in on the digital craze?

During the company's earnings call on Wednesday, chief marketing officer Brady Brewer said Starbucks will be exploring new concepts such as ownership and community-based membership models. Part of that push will involve digital collectibles, some of which could be accompanied by "engaging" content experiences.

Brewer said Starbucks anticipates launching a digital line later this year, but some believe the NFT ship has already sailed.

The Wall Street Journal cited data from decentralized asset tracker NonFungible highlighting a 92 percent decline in daily NFT sales, from a peak of around 225,000 in September to roughly 19,000 this week. The number of active NFT wallets, meanwhile, slipped 88 percent to 14,000 last week. Last November, that figure hit a high of 119,000.

Last month, the owner of an NFT of the first tweet from Twitter co-founder Jack Dorsey tried selling the digital asset for a staggering $48 million after paying $2.9 million for it a little more than a year ago. The auction attracted just seven bids and none were remotely close to what the owner had invested in it.

The market may be down, but it's far from out. Despite the dip, NonFungible said nearly $8 billion in NFT assets were traded in the first quarter alone. It could be that we are simply witnessing stabilization in the industry rather than a true downturn or collapse.

Image credit Sherwood LM, Maxim Hopman

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yRaz

Posts: 4,400   +5,124
Oh, so making up names for over priced cups of coffee and then forcing us wait an excessively long time in a room full of MacBooks is a poor business model? I can't wait to have an "engaging" NFT experience while they overdraft my bank account and make me late for work
 

ScottSoapbox

Posts: 327   +587
Oh, so making up names for over priced cups of coffee and then forcing us wait an excessively long time in a room full of MacBooks is a poor business model? I can't wait to have an "engaging" NFT experience while they overdraft my bank account and make me late for work
If you hate Starbucks so much, why do you keep buying their coffee? There are plenty of other options.
 

yRaz

Posts: 4,400   +5,124
If you hate Starbucks so much, why do you keep buying their coffee? There are plenty of other options.
Because I've been trying to sleep with this girl at work and she really likes their iced coffee so I stop there once a week and bring everyone Starbucks as a cover story.
 

ScottSoapbox

Posts: 327   +587
Because I've been trying to sleep with this girl at work and she really likes their iced coffee so I stop there once a week and bring everyone Starbucks as a cover story.
LOL. Well props on the Starbucks purchase then. However, I wonder how decisive she will find your approach if you need a cover story to buy her a coffee.
Be bold man!
 

ypsylon

Posts: 505   +505
NFT coffee?

I don't really know how would it work, but it sure will help with caffeine addiction.

NFTs are digital craze pretty much only in the USA. There is some niche exposure elsewhere, but US is like 95% of that illusory -mostly scam- "market".
 

yRaz

Posts: 4,400   +5,124
LOL. Well props on the Starbucks purchase then. However, I wonder how decisive she will find your approach if you need a cover story to buy her a coffee.
Be bold man!
We got drunk in a Zoom meeting last week, I'm cooking her dinner this weekend
 
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