Howard Schultz, the CEO of Starbucks, has announced that the giant coffee house is set to launch its NFTs by the end of this year.
Starbucks Employees Promised NFTs
Schultz announced a town hall meeting on Monday while addressing Starbucks workers having a union drive. The alleged Starbucks NFTs would be given to workers.
Howard Schultz has previously been a presidential aspirant. Given his political history, it is uncertain whether the announcement aimed to excite the workers or if the coffee house will follow through and launch the NFTs.
Starbucks employees held an Open Forum, where they demanded a new strategy that would reimagine the company’s future. Among their demands was to unionize for better wages and working conditions. Apart from the dissatisfied employees, Starbucks is also being hit hard by the rising inflation, especially in its key China market.
Howard Schultz has recently started his third term as the CEO of Starbucks. Reportedly, his return to the position is targeted at addressing the issues of the Starbucks workers.
According to Schultz, Starbucks’ NFTs are part of the redefined future. The interim CEO stated that companies, brands, celebrities, and influencers were trying to create a digital NFT platform and business. However, Schultz could not identify one who has the “treasure trove of assets” that Starbucks has.
Starbuck’s Dive into the Blockchain Market
It is not the first time that giant coffee house Starbucks has shown interest in the blockchain industry. Last April, Starbucks partnered with Bakkt to enable crypto payments for its customers.
In 2020, Starbucks leveraged blockchain technology to trace coffee to increase its transparency to users. Coffee tracing allowed consumers to get insight into how the coffee was grown and produced and why they consumed it. Blockchain is a convenient method for the supply chain management.
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