Starbucks, an American multinational chain of coffeehouses, aims to enter the non-fungible token (NFT) business by the end of the year.

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Source: AdobeStock / wachiwit

 

Starbucks, an American multinational chain of coffeehouses, aims to enter the non-fungible token (NFT) business by the end of the year.

Billionaire businessman Howard Schultz, who has rejoined Starbucks as interim CEO, announced the news at an Open Forum on Monday, claiming that they plan to do so “before the end of this calendar year.”

Schultz claimed that they are in a good position to get into NFTs, and praising the company by stating that:

“If you look at the companies, the brands, the celebrities, the influencers that are trying to create a digital NFT platform and business, I can’t find one of them that has the treasure trove of assets that Starbucks has from collectibles to the entire heritage of the company.” 

In a blog post, Starbucks confirmed NFT plans, saying that it is among the company’s plans “in the works.”

The announcement comes as the company faces multiple challenges, including dissatisfaction among some employees, higher prices due to rising inflation, and challenges in its key China market.

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