Starbucks will be involved in the NFT business before the end of the year. Why have tea brands entered the NFT market one after another?

According to GeekWire, Starbucks CEO Howard Schultz (Howard Schultz) said at a corporate conference called “Partner Open Forum” on Monday that the coffee chain brand will be involved in the NFT business by the end of this year.

In fact, many tea brands have already set foot in the NFT field and are constantly exploring on this road.

Tea brands enter the NFT

On December 7, 2021, Nayuki’s tea celebrated the sixth anniversary of the brand, officially announced the brand ambassador “NAYUKI” ( a virtual IP ), and launched 300 NFT digital artworks around the IP online, including hidden ones. There are 7 models in total, all sold out within one second of the sale, and the popularity is no less than that of any other NFT artwork.

According to relevant sources, the release of NFT artwork means that “Nayuki begins to explore the Metaverse”.

Starbucks will be involved in the NFT business before the end of the year. Why have tea brands entered the NFT market one after another?

Image source network, intrusion and deletion

On January 11, 2022, Xiangpiao Piao Milk Tea officially announced the release of the first NFT digital collection “Ideal Planet Pioneer”. Xiang Piao Piao takes the No.85 Milk Tea Starry Sky Exploration Team as the protagonist, and has set up 8 different ideal planetary scenes such as True Fragrance Password, Happy Takeoff, Anti-EMO, and Tea Enjoyment Freedom. Each planet corresponds to three different levels of digital collections: SSR, SR, and R.

The relevant person in charge of Xiang Piao Piao said that each piece of “Xiang Piao Piao Ideal Planet Pioneer” digital collection has a unique and exclusive number, which is a unique and irreplaceable digital asset.

Starbucks will be involved in the NFT business before the end of the year. Why have tea brands entered the NFT market one after another?

Xiang Piao Piao Digital Collection

According to news on March 9, 2022, Austrian sports drink company Red Bull submitted a trademark application involving virtual environments, virtual currencies and cryptocurrencies.

According to Michael Kondoudis, a registered trademark attorney at the USPTO, Red Bull’s trademark application suggests that the company may be interested in offering multimedia with NFTs, virtual clothing or beverages, virtual environments, and financial transaction services.

In addition to tea brands launching NFTs one after another, the world’s first NFT tea trading platform “NFTCHA” was also launched.

The platform was put into public beta on July 31, 2021, and NFTCHA first released four limited edition NFT Pu’er teas in the Four Seasons series “Spring, Summer, Autumn and Winter”.

“NFT Pu’er Tea” realizes NFT mapping of each cake of Pu’er tea based on different “tea patterns”, so that each cake of Pu’er tea obtains a unique “digital ID” and realizes “digitalization of Pu’er tea”. All “digits” run on the blockchain, breaking the traditional offline transaction time and location restrictions, and solving the core problems of traceability, storage and value transfer that have long existed in collectible Pu’er tea.

Starbucks will be involved in the NFT business before the end of the year. Why have tea brands entered the NFT market one after another?

Pu’er tea NFT

It is reported that NFTCHA is a platform under the World Tea Industry Alliance (Global) Co., Ltd. It is committed to empowering the real economy with blockchain, boosting the development of the tea industry with digitalization, and realizing the two-way empowerment of the blockchain industry and the real industry.

The plight of tea brands

Tea brands are growing rapidly, and the pressure of competition is also increasing, and they are facing more and more difficulties.

Serious homogenization and rising costs are common challenges faced by all tea brands in 2021.

For example, after Luckin launched the raw coconut latte in April last year, the entire tea drinking circle was caught in a “coconut grabbing war”. The raw coconut fever not only increased the price of coconuts, but also caused some coconuts to be “out of stock”.

According to reports from tea drink investors, the SKU (generally referred to as the smallest stock keeping unit) of most leading tea drink brands will be updated much faster in 2021 than before 2018. This is because in a market that has fallen into “homogenized” competition, consumption The user’s product freshness maintenance cycle is shortening.

“This means that tea brands not only need to speed up the research and development side, but also need to deepen the controllable supply chain and even build their own supply chain.” The investor said.

In addition, the labor cost of tea brands is also increasing.

Major brands continue to expand, and there are more and more stores. Some tea drinkers, baristas, and store managers have become scarce resources to be competed for. Moreover, with the borderless expansion of coffee and tea, both sides are marching into their respective hinterlands, which further increases labor costs.

Taking Beijing and Shanghai as examples, the average income of tea drinkers and baristas has exceeded the average in 2019 and 2020.

But at the same time, challenges mean new possibilities.

With the support of NFT and the Metaverse boom, these problems can further stimulate the exploration of tea brands, and also provide a new path for the industry, bringing new development ideas, and gradually expanding its influence.

Nowadays, the cost of acquiring new stores continues to increase, and the transformation of the virtual world is still in the blank area to be developed, which also means that the market prospects are very attractive.

Moreover, hidden behind NFT and Metaverse, there are fans who are very concerned about tea brands. How to attract target users to their “product universe” is an urgent problem for brands to clarify.

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