- Coffee giant Starbucks is preparing to begin NFT business later in 2022.
- The CEO said the company has the “treasure trove of assets” to participate in NFTs.
Starbucks, the world-renowned coffee company, has confirmed it will be joining the non-fungible token (NFT) bandwagon later this year.
Starbucks to begin NFT business
While speaking at an Open Forum on Monday with about 15,000 partners (employees), the Billionaire businessman and interim CEO of Starbucks, Howard Schultz, disclosed that the company has plans to enter the NFT business “before the end of this calendar year.” The company also confirmed the plan in a recent blog post, mentioning “NFTs” as an option for digital innovation.
According to Schultz, Starbucks has the “treasure trove of assets” to enable the company to thrive in the NFT business. He precisely noted:
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.
Starbuck to track coffee with blockchain
The American multinational chain of coffeehouses has previously shown interest in cryptocurrency and blockchain technology. In April 2021, the company partnered with Bakkt to allow its customers to pay for coffee using cryptocurrency.
Back in 2020, Starbucks harnessed blockchain technology to bring more transparency to users through coffee tracing. As Cryptopolitan reported, the company launched a system that mapped the growth and product stage of coffee beans on the blockchain, which can be easily accessed by the customers.
Consumers are becoming more conscious of how and where their foods are produced. They want to know how it was grown and what went into producing it, whether it was produced ethically and sustainably, as well as why they’re eating or drinking it in the first place. Hence, many companies like Starbucks openly adopted blockchain for the supply chain management.