CEO Howard Schultz reportedly said Starbucks was "going to be in the NFT business" by the end of this year at a town hall meeting on Monday. He admitted he is not a “digital native” but has been studying NFTs, or non-fungible tokens, a growing technology that allow people to secure unique ownership of artwork, videos, photos, and other digital content on the blockchain. “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 said. Other companies and brands including Taco Bell and Papa Johns are dipping their toes in NFTs. And last month TIME released the first-ever full magazine issue as an NFT. “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 said at the town hall meeting, known as “Partner Open Forums.” Other companies and brands including Taco Bell and Papa Johns are dipping their toes in NFTs. iHeartMedia is creating a new NFT-based podcast network, Axios reported Tuesday. Last month TIME released the first-ever full magazine issue as an NFT.
