Starbucks doesn't want to be behind other brands and decided to join the crazy around non-fungible tokens (NFTs) as the multinational chain of coffeehouses plans to enter the NFT market by the end of this year, the company's head Howard Schultz said during his speech on an Open Forum.
Schultz — who joined Starbucks back in 1982 — admitted he's not a "digital native" — a person who has grown up in the information age — adding that the company doesn't have to follow his path as there're many creators and companies that are actively engaging with new markets these days. He said:
If you look at the companies, the brands, the celebrities, the influencers, that are trying to create a digital NFT platform and business, I can’t find one of them that has the treasure trove of assets that Starbucks has from collectibles to the entire heritage of the company.
Although the Starbucks CEO said the company plans to join the market somewhere this year, he didn't elaborate on a timeline. The company confirmed in a separate announcement it is indeed working on "digital innovation through NFTs," but didn't specify the initiative.
For Starbucks, this initiative is another step toward the crypto market as the company already allows its customers to use cryptocurrencies to top up their Starbucks loyalty cards.
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