Starbucks, the world’s most recognized coffee company, has stated that it would participate in the non-fungible token (NFT) revolution later this year.
According to the CEO, the firm possesses a “treasure trove of assets” to participate in NFTs.
At an Open Forum with around 15,000 partners on Monday, Howard Schultz, a billionaire businessman and current CEO of Starbucks, said that the company aims to enter the NFT market “before the end of this calendar year”. The organization acknowledged the notion in a recent blog post, citing “NFTs” as a digital innovation option.
He said unequivocally: “I can’t think of a single company, brand, celebrity, or influencer that is looking to develop a digital NFT platform and business that has as many assets as Starbucks, from collectibles to the company’s whole history.”
Starbucks will utilize blockchain technology to track coffee sales.
The American worldwide coffeehouse company has previously shown interest in cryptocurrency and blockchain technology. In April 2021, the company partnered with Bakkt to allow customers to pay for coffee using bitcoin.
In the year 2020, Starbucks uses blockchain technology to provide more transparency to customers via coffee monitoring. According to Cryptopolitan, the company has created a system on the blockchain that traces the development and product stage of coffee beans, which users can easily access.
Consumers are becoming more aware of the techniques and areas in which their food is produced. They are curious about how it was grown and produced if it was done ethically and sustainably, and why they are eating or drinking it in the first place. As a consequence, several companies, like Starbucks, have openly used blockchain for the supply chain management.
