Starbucks Is Entering the ‘NFT Business’, Says CEO Schultz

NFTs were mentioned in Schultz’s speech alongside attempts to unionize companies like Starbucks in the U.S. Schultz called the U.S. unionization efforts an “assault.”
According to Howard Schultz, companies are keen on leveraging their rich history, traditions, and strong brands. Starbucks’ return to Schultz is symbolic.
There is also a possibility that it could set up its own NFT market. It would be ideal if such a marketplace targeted global corporations like Coca-Cola, Pepsi, and Chipotle.

Even though Schultz admits that he is not a “digital native,” he has researched non-fungible tokens on the blockchain. A new technology allows users to ensure unique ownership of artwork, films, images, and other digital property. According to Reuters, the sales volume on OpenSea, an NFT platform, was $2.5 billion in March, down from $5 billion the previous month.

Other firms and brands, such as Taco Bell and Papa John’s, are dipping their toes into the world of NFTs. According to Axios, iHeartMedia is launching a new podcast network based on NFT technology on Tuesday. TIME published the first-ever entire magazine issue as an NFT last month, marking a historic landmark.

During the “Partner Open Forums,” Schultz said, “If you look at the companies, the brands, the celebrities, and the influencers that are trying to create a digital non-financial transaction platform and business. He couldn’t find one that had “the treasure trove of assets that Starbucks has,” referring to everything from collectibles to the company’s entire history.

We have reached out to Starbucks for further information and will update this post if we get a response.

Starbucks also stated on Monday that it would be discontinuing its stock repurchase program, effective immediately. Schultz, who has rejoined the company’s board of directors, has spoken at the meeting on Monday about the growing number of unionization initiatives among Starbucks workers.

Approximately 400,000 people work for Starbucks, which has more than 30,000 stores. In the last year, Starbucks stock has fallen by more than 20%. In an ongoing search for Johnson’s permanent replacement, an executive working committee has been formed.