April 8, 2022
By Anjali Kochhar
Global coffee house Starbucks might get into the NFT (non-fungible token) business this year, said CEO Howard Schultz speaking in a town hall meeting aimed at Starbucks workers amid a massive union drive.
In a video shared on Twitter by Jordan Zakarin, a reporter and producer for More Perfect Union, Schultz talks about NFTs. “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 collectables to entire heritage of the company,” Schultz said, adding that the coffee chain is going to get into NFT business “sometime before the end of this calendar year.”
NFTs are digital collectibles in the form of art, music, GIF, or even a tweet. According to nonfungible.com, NFTs boomed in 2021 with trading volume soaring to $17.6 billion from just $82 million in 2020 amid tech evangelists and celebrities flocking into the NFT bandwagon.
Starbucks is already into the digital assets business as it accepts payments via a variety of modes including cryptocurrencies. Customers can integrate the fintech application Bakkt into their Starbucks app and convert their digital currencies to Starbucks card balances for making a purchase.
“By accepting a variety of payment methods, Starbucks allows customers to select the option most convenient and relevant to them,” spokesperson at Starbucks told Blockchain Asset Review.
Not only big chains, but smaller shops are also adopting the crypto culture. Experts call it a “natural progression” between the food sector and the digital assets sector.
The talks began last year when Mcdonald’s and Burger King introduced their NFTs (non-fungible tokens).
While Mcdonald’s celebrated 40 years of its sandwich McRib by introducing its NFT on Twitter, Burger King enticed customers with its “Keep It Real” campaign presenting an opportunity to collect digital arts.
About the author
Anjali Kochhar covers cryptocurrency stories in India as well as globally. Having been in the field of media and journalism for over three years now, she has developed a sharp news sense and works hard to present information that goes beyond the obvious. She is an avid reader and loves writing on a wide range of subjects.