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Starbucks would be entering the non-fungible token (NFT) business by the end of 2022, the company’s CEO Howard Schultz announced.
Schultz, who returned to Starbucks last month as interim CEO after previously serving as CEO and executive chairman, believes that Starbucks is uniquely positioned to succeed in the NFT market.
According to Schultz, none of the companies, brands, celebrities, and influencers trying to create a digital NFT platform and business have the treasure trove of assets that Starbucks has, from collectibles to the entire heritage of the company.
Starbucks has already begun experimenting with blockchain technology. The company is a participant in the Bakkt digital asset wallet and rewards initiative, which launched last year and allows users of its iOS app to top up a Starbucks card with Bakkt-stored bitcoin, rewards points, or other Bakkt assets.
Starbucks and Microsoft announced a blockchain coffee traceability partnership in 2019, allowing customers to track their coffee from bean to cup.
Meanwhile, in the food industry, McDonald's USA joined the NFT bandwagon, creating limited-edition NFTs featuring the McRib to commemorate the sandwich's return. In Romania, PepsiCo's potato chip brand Lay's partnered with the digital asset platform Project Ark to establish an NFT project.
