Starbucks CEO Howard Schultz announces plans to get into NFT business this year

Starbucks appears to be branching out into the area of NFTs. That’s according to Howard Schultz, who is serving as temporary CEO of the Seattle coffee company after Kevin Johnson stepped down on Monday.

Schultz, who ran the firm for more than two decades until turning over the reins to Johnson in 2017, reportedly indicated at a town hall meeting on Monday that Starbucks would be “in the NFT business” by the end of the year. Jordan Zakarin, a reporter for More Perfect Union, was given a video of his remarks at the meeting.

Schultz stated that he isn’t a “digital native,” but he has been researching non-fungible tokens (NFTs), a new technology that allows people to secure unique ownership of artwork, films, images, and other digital property on the blockchain. According to Reuters, sales on OpenSea, an NFT platform, were $2.5 billion in March, down from $5 billion in January.

Other corporations and brands, such as Taco Bell and Papa John’s, are experimenting with NFTs. According to Axios, iHeartMedia is launching a new NFT-based podcast network. TIME published the first-ever entire magazine issue as an NFT last month.

We contacted Starbucks for more information and will update if we receive a response.

Starbucks also stated on Monday that its stock repurchasing programme will be suspended. Schultz, who has rejoined the company’s board of directors, allegedly addressed escalating unionisation efforts among Starbucks employees during the meeting on Monday.

Starbucks employs over 400,000 people and has over 30,000 locations. Its stock has dropped by more than 20% in the last year.

The board of directors has established a working committee to continue the hunt for Johnson’s permanent replacement. By the end of the year, a choice should be made.

Starbucks Corporation, headquartered in Seattle, Washington, is an American global coffeehouse and roastery business. It is the largest coffeehouse chain in the world.

The corporation had 33,833 outlets in 80 countries as of November 2021, with 15,444 of them in the United States. Over 8,900 of Starbucks’ locations in the United States are owned and operated by the business, with the rest being licenced.

Starbucks, which brought a greater variety of coffee experiences, is widely credited with launching the second wave of coffee culture. Starbucks offers a variety of hot and cold beverages, as well as whole bean coffee, micro-ground instant coffee, espresso, caffe latte, full and loose-leaf teas, juices, Frappuccino beverages, pastries, and snacks. Some items are only available during certain seasons or are unique to the store’s location. Most locations offer free Wi-Fi internet connection, depending on the country.