Starbucks announces plans for NFT as a reservoir for the sale of digital assets

In short: Starbucks said its Web 3.0 strategy will include creating an “authentic digital third place” through the use of non-fungible tokens (NFTs). But is it too late for the coffee maker to cash in on the digital craze?

During a company call on Wednesday, chief marketing officer Brady Brewer said Starbucks will explore new concepts such as community-based ownership and membership models. part of it push will include digital collectibles, some of which may be accompanied by “engaging” content.

Brewer said Starbucks plans to launch a digital line later this year, but some believe the NFT ship has already set sail.

Wall Street Magazine brought data from a decentralized asset tracker not interchangeable highlighting a 92 percent decline in daily NFT sales, from a peak of around 225,000 in September to around 19,000 this week. Meanwhile, the number of active NFT wallets dropped by 88 percent to 14,000 last week. Last November, that figure peaked at 119,000.

Last month, the NFT owner of the first tweet from Twitter co-founder Jack Dorsey attempted to sell the digital asset for a staggering $48 million after paying $2.9 million for it just over a year ago. Only seven bids were submitted for the auction, and none of them even came close to the amount that the owner had invested in it.

The market may be down, but it’s far from over. Despite the fall, NonFungible said Nearly $8 billion of NFT assets were sold in the first quarter alone. Perhaps we are just seeing a stabilization in the industry, and not a real recession or collapse.

Image credit Sherwood LM, Maxim Hopman

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