Starbucks' NFT business may soon start, claimed the company's founder, Howard Schultz.
A logo is seen on the glass storefront door of a Starbucks coffee shop on January 22, 2004 in San Francisco, California. The Starbucks Corporation on January 21 posted a strong growth, reporting a 41 percent increase in quarterly profit on solid holiday sales and rising use of its stored-value card. The company, based in Seattle.
He added that the massive assets of the Seattle coffee giant would help it enter the blockchain industry more efficiently compared to other firms.
Currently, the NFT industry is growing as more and more companies and organizations try to take advantage of the rising blockchain market.
Now, Starbucks will soon be one of them, thanks to the return of Schultz, which happened on Apr. 5.
Starbucks' NFT Business To Begin!
According to Geek Wire's latest report, many videos of the Starbucks founder are now circulating the internet. He confirmed that the coffee giant would soon enter the NFT market in these clips.
The Starbucks logo hangs outside one of the company's cafes in Northwich on 3 July, 2008 in Northwich, England. Starbucks Corp in the US recently announced that it plans to close 600 company-operated stores in the country which represent about 7 percent of Starbucks' global workforce. Many UK consumers are beginning to cut back on luxuries as the global credit crunch begins to bite.
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"If you look at the companies, the brands, the celebrities, the influencers that are trying to create a digital NFT platform and business," said the new interim CEO.
In the footage, he added that Starbucks is more fit to enter the NFT market because of its collectibles and the entire company heritage compared to other companies.
If you are a coffee fan, you will know that Starbucks is not only popular because of its high-end coffees. Many consumers are also flocking its stores across the globe because of the collectibles it offers, such as coffee mugs, calendars, and other items.
Now, these products may soon have their digital art versions. But, the exact date is not yet confirmed. Schultz only said that the Seattle coffee giant would start entering the NFT industry by the end of 2022.
Schultz Return
The official press release of Starbucks confirmed the return of Howard Schultz as the company's Chief Executive Officer and Director of Board.
Aside from entering the NFT industry, he also announced that the coffee giant would suspend its stock purchasing program. Howard further explained that this would allow the company to invest more in stores and people, greatly increasing consumer experience.
Meanwhile, Ukraine sold NFTs to support its military operations as the conflict between the country and Russia continues.
On the other hand, the new partnership between Coinbase and Rolling Stone Magazine is expected to offer animated NFT collections.
For more news updates about Starbucks NFT business and other related blockchain stories, always keep your tabs open here at TechTimes.
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Written by: Griffin Davis
