As the concept of NFTs (non-fungible tokens) continues to gain traction in the market, companies are investing more of their resources to develop their future strategies. From clothing and accessory brands to restaurant chains, we have seen several companies trying to get into the NFT space in the recent past. Now, Starbucks has joined the party and announced to invest in NFTs and digital assets by the end of the year.
Starbucks Plans to Get into the NFT Soon
Starbucks, the multinational chain, recently brought back its dependable CEO Howard Schultz amidst growing challenges for the company. In an open forum, Schultz addressed numerous Starbucks partners and employees and shared his vision for the future.
Other than suspending the stock repurchase program to invest in Starbucks partners and stores for long-term growth, the CEO also mentioned Starbucks’ plan to get into the digital space, going forward.
Schultz stated that he is not a stranger to digital technologies and asked the attendees about the hype around NFTs and cryptocurrencies. While speaking about this, the CEO mentioned that Starbucks will launch its very own digital asset by the end of 2022.
Although details about the company’s NFT and digital asset plans are currently under wraps, Starbucks will reveal more information about the same in the coming weeks, as per an official blog post. Meanwhile, Schultz said that he will be traveling around the world to visit Starbucks stores and manufacturing plants to interact with partners and employees and discuss the company’s future.
“All I ask of you is to embrace, not a standard of mediocrity, but embrace every step of the way, a standard of excellence. And let’s honor everything that Starbucks has stood for 50 years. And I promise you we’re going to come out of here like a goddamn tidal wave,” Schultz said.
You can check out a short clip of Schultz’s speech at the open forum in the video attached below.
We will update you on more details soon. And until then, do share your thoughts on Starbucks’ digital plans in the comments below.