Starbucks to start using NFTs

Starbucks says it will start using non-fungible tokens as loyalty rewards. So called NFTs are digital files that are secured using blockchain technology.

The US coffee giant unveiled its plan at an investors' event on Tuesday.

Starbucks says non-fungible tokens can be earned by participating in their online games and experiences to learn about coffee. Members of the program can also buy limited edition stamps as NFTs using credit cards. These tokens can be sold or traded as well.

US-based Grand View Research says NFTs are expected to become an almost $212 billion market by the year 2030.

Media reports say leading hamburger chain McDonald's and US retail giant Walmart are also adopting NFTs in their businesses.

The moves are part of a broader trend of companies using blockchain technology to enhance their business.