Starbucks interim CEO Howard Schultz has announced that the U.S. multinational chain of cafeterias and roastery reserves is entering the non-fungible token (NFT) market this year.
The NFT initiative is part of the need for transformation experience for customers and employees of the company, Schultz said.
The company added that, among other initiatives, they are working on “digital innovation through NFT”, and expects to reveal details in the coming weeks.
“Shortly before the end of this calendar year, we will be in the NFT business,” Schulz said at the company’s Open Forum held on Monday.
“If you look at companies, brands, celebrities, influencers trying to create a digital NFT platform and a business, I can’t find any of them that have a treasure trove of assets owned by Starbucks – from collectors to the company’s entire legacy,” he said.
More details about the company’s plan have yet to be announced.
According to a previous report by Blockchain.News, Starbucks said it intends to increase the satisfaction of its customers by enabling them to track the entire supply chain of their coffee.
The company has set up a blockchain tool run by Microsoft Corp. to start tracking coffee from beans to the store, the report added, citing Bloomberg.
Starbucks strives to have a competitive advantage in attracting sustainable young consumers using blockchain technology. They have developed a habit of preferring small craft shops, which roast their coffee at home.
Image source: Shutterstock