The global chain of coffee shops, Starbucks, has announced that it will soon enter the world of non-fungible tokens (NFTs). as announced Howard Shultz, CEO of Starbucks, the company will promote actions in the metaverse with NFTs through the end of 2022.
Starbucks will enter the metaverse
The CEO made the announcement in an open forum for Starbucks employees and partners. A video of the event is available on the Starbucks YouTube channel.
When asked by an employee when the company would enter the metaverse and the NFT universe, Shultz said that will happen by the end of the year.
Despite its competitors already being in the NFT business, Starbucks is confident that its heritage and collectible collection will give the company a competitive edge.
“If you look at the companies, the brands, the celebrities, the influencers that are trying to create an NFT digital platform and businesses, I can’t find one of them that has the treasure trove of assets that Starbucks has, from collectibles to the whole world. company equity.”, he said.
This is not, however, Starbucks’ first foray into the cryptocurrency market.
In 2018, for example, NYSE owner Intercontinental Exchange (ICE), tech giant Microsoft and Starbucks teamed up to launch a new company, Bakkt, which operates in the institutional investment market with BTC.
As part of the partnership, in 2021, Bakkt announced the launch of a cryptocurrency wallet with companies such as Starbucks among its list of trading partners.
Additionally, the network announced that it intends to work on a blockchain application within its loyalty program.
“Through blockchain or other innovative technologies, we are exploring how to tokenize the Stars loyalty program, creating the ability for other merchants to connect their rewards program to Starbucks Rewards. This will allow customers to exchange value between brands, participate in more personalized experiences, enhance digital services and exchange other loyalty points for Stars at Starbucks.”