Starbucks, a worldwide coffeehouse operator based in the United States, plans to enter the non-fungible token (NFT) market before the end of the year.
Howard Schultz, a billionaire businessman who has returned to Starbucks as interim CEO, broke the announcement at an Open Forum on Monday, asserting that it will happen “before the end of this calendar year.”
Schultz stated that they are in an excellent position to enter the NFT market, complimenting the company by saying:
“I can’t think of a single firm, brand, celebrity, or influencer that is seeking to build a digital NFT platform and business that has the treasure trove of assets that Starbucks has, from collectibles to the company’s whole history.”
Starbucks revealed NFT ambitions in a blog post, stating that it is one of the company’s “in the works” strategies.
The statement comes as the firm faces a number of issues, including employee unhappiness, increased inflation-related prices, and challenges in its important China market.