Starbucks Announces its Plans to enter NFT Business

Starbucks Announces its Plans to enter NFT Business
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This week, Starbucks CEO Howard Schultz announced the business plans to enter into the non-fungible token (NFT) space by the end of this year, i.e. 2022. Mr Schultz spoke to the team about the Company’s NFT plans during a town hall meeting for Starbucks workers.

On the very first day as CEO of Starbucks, Schultz pledged increasing worker benefits and digital innovations through NFTs. In a Partner Open Forum, he said that sometime before the end of this calendar year, we are going to be in the NFT business.

After a few hours following his statement, Starbucks confirmed digital innovation via NFTs, besides stating various other initiatives for the company. However, the coffee chain hasn’t offered any details on Starbucks NFTs.

Starbucks’ NFT announcement comes during a phase when NFT adoption is growing across industries.

Not too long, Mattel Creations released Hot Wheels NFT Garage Series 2which featured 184,250 NFT cards from the creators of the die-cast model toy car ‘Hot Wheels’.

Similarly, popular fashion brand Diesel released the D: VERSE NFT Collection; we can observe that several businesses are entering into the NFT and Metaverse space.

Schultz ended his speech by stating,

“All I ask of you is to embrace, not a standard of mediocrity, but embrace every step of the way, a standard of excellence,” he said. “… And let’s honour everything Starbucks has stood for 50 years. And I promise you we’re going to come out of here like a goddamn tidal wave.”

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