Starbucks and Taco Bell hope to turn NFTs into the new loyalty points
From Taco Bell to Applebee’s, NFTs, or non-fungible tokens, are cropping up in the food world. Although they have mostly been associated with collecting and trading digital art, brands have also been using NFTs to drive loyalty and engagement—somewhat like a new form of rewards points.
Though light on the details, Starbucks announced earlier this month that it was launching a collection of NFTs later this year. Ownership will allow access to exclusive experiences and benefits. Howard Schultz, the founder and interim CEO of Starbucks who is expected to stick around until this fall, went as far to say that NFTs have the potential to add new revenue streams. The CEO who succeeds him must have a good understanding of new business strategies, Schultz noted on a conference call with investors and analysts in early May. “Our customer base is getting younger, they’re digital natives, and they expect Starbucks to be as relevant outside of our stores as we are inside,” he said.
In December, Applebee’s rolled out a series of NFTs, where the owner of a one-of-a-kind digital image of a steak unlocks unlimited steak meals at the fast casual chain for free for a year. Domino’s and Taco Bell have also jumped into NFTs with promotions of their own.
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