A cup of NFT: Starbucks to hand out digital assets to customers

Starbucks Rewards customers who bring their own cups will receive eco stamps that can be exchanged for Starbucks NFTs starting Tuesday, according to Starbucks Korea on Monday.

Customers will receive one eco stamp per receipt, for orders made through the mobile app. Three eco stamps can be received per account in a day. The stamps can be exchanged for NFTs that cannot be gifted, sold or traded. Only one can be received per account.

The event is to encourage customers to use personal cups, according to the company.

Starbucks’ digital art NFTs are designed under the theme of “My cup, the only one in the world,” and feature a variety of cups and tumblers in different designs.

NFTs are unique digital tokens that are created through a minting process in which the asset is published on a blockchain network, which allows them to be traded or owned. They are used to certify ownership and authenticity, including for drawings and music.

Though NFTs are digital, they have an environmental impact that differs by the processes in which they are produced and stored and can especially have substantial environmental consequences in the minting process.

Starbucks Korea will use proof-of-stake blockchain technology developed by Polygon, which uses less energy than proof-of-work blockchains, according to the company.

BY KIM JU-YEON [[email protected]]