Starbucks to release NFTs by the end of 2022

Starbucks to release NFTs by the end of 2022
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BUSINESS

Starbucks to release NFTs by the end of 2022

Starbucks has suitable tools and collections for the non-fungible tokens’ ecosystem, CEO Howard Schultz said.

04/06/2022

Starbucks to release NFTs by the end of 2022

Starbucks will soon dive into the NFT bandwagon by the end of 2022, the company’s interim CEO Howard Schultz revealed.

Howard Schultz, the current chief executive of Starbucks, led the company for more than two decades. 

He is now appointed as interim Starbucks CEO after Kevin Johnson ended a five-year run as chief executive. 

In the meantime, the board has formed a committee to conduct an ongoing search for a permanent replacement. The decision will be by this fall of 2022.

So, Schultz introduced his plan to his global audience of approximately 15,000 employees at the recent town hall meeting, “Partner Open Forums”. 

 

Starbucks: New Marketing Strategy

Meanwhile, Schultz admitted that he has been studying non-fungible tokens despite being a non-digital native person. 

A reporter named Jordan Zakarin of More Perfect Union shared the video of Schultz’s discussion about NFT on Twitter. 

“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,” Schultz stated.

In addition, the giant coffee company stated it is now gearing up on “digital innovation through NFTs and plans for the continued evolution of partner benefits, with more detail expected in the weeks ahead.”

Schultz: Plan for Long Term Growth

“Starbucks Experience all over the world is now somewhat confined by the fact that people are not using our stores the same way,” Schultz said. 

“And so all those stores that we have that have big lobbies, they may not be as relevant tomorrow as they have been in the past. We have to redefine, redesign our store experience,”

On Monday, the leading coffee company announced the suspension of its stock repurchasing program. Because Starbucks has over 30,000 stores and 400,000 employees across the globe, Schultz is aiming for long-term growth.

“I am not in business … to make every single decision based on the stock price, or the quarter, or EPS, or adding shareholder value at the expense of our people or our customers,” he noted.

By Marielle Petere Wozinga Staff

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