Returning Starbucks CEO Howard Schultz implied in an open forum with employees that the company would soon include Web3 integration into their marketing strategy via NFTs and the Metaverse.
Within a month after former Starbucks CEO Kevin Johnson re-appointed Howard Schultz to take his place, Schultz revealed the great things he had in store for the company’s future. It will be remembered that Schultz relinquished the position in 2017 and assumed the role of executive chairman.
Among the items on Schultz’s agenda upon his return are the multiple physical and digital strategies he will implement concerning the future of the coffeehouse chain.
Starbucks Enters the Metaverse
On April 4, Schultz held a town hall meeting for Starbucks workers in the middle of a significant union drive. There were 15,000 people in attendance, and Schultz discussed his plans for Starbucks’s future to improve both customer and employee experience.
Among the many announcements he made, one stood apart—Starbucks will be joining the bandwagon and piggyback on the rising popularity of NFTs and the Metaverse. According to Schultz, the move is to build a name for Starbucks in the virtual world.
When asked what digital innovation has been planned concerning the use of NFTs, Schultz answered:
“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.”
Howard Schultz Speaking in Front of an Audience of 15,000 During a Town Hall Meeting|Image From Starbucks
“So, here’s the secret: sometime before the end of this calendar year, we are going to be in the NFT business,” he continued.
Schultz went on to say that the company has the necessary resources and knowledge to integrate itself into the Web3 ecosystem. While Schultz did not comment on a specific date when Starbucks would become fully Metaverse-integrated, he did imply that plans were being discussed.
The Future Looks Bright for Starbucks
Along with that, Schultz intimated another critical announcement. He said Starbucks would start suspending the stock repurchase program that the company implemented. Instead, the company will begin investing in its partners and stores. When asked why, the CEO said:
“I am not in business … to make every single decision based on the stock price, or the quarter, or EPS, or adding shareholder value at the expense of our people or our customers.”
In a separate statement, Starbucks corroborated Schultz’s plans to get into NFTs. Evidently, “digital innovation through NFTs” and other initiatives are already in the works. However, the company is yet to reveal further details about its Metaverse entry.
Indeed, the future looks bright for Starbucks. What is more, the NFT announcement couldn’t have come at a better time. NFT adoption is gaining traction across several industries, with many major brands dropping their NFTs left and right.
For instance, OffLimits, a cereal company, recently launched 2,500 custom cereal box NFTs. The company also gave NFT holders a chance to design and mint unique cereal box NFTs.
Similarly, to celebrate the launch of the Triple Cheeseburger, McDonald’s Italy gave customers who purchased a Triple Cheeseburger on the restaurant’s app from March 12 to April 5 a chance to win an NFT.
It will not be surprising if Starbucks decides to follow the lead of these companies once they enforce their NFT initiatives.
Get more news updates
Get more NFT news updates at CollectorX News. For more information on CollectorX, and details on how to join our community, please follow our Twitter, join our Discord, or subscribe to our Telegram channel for more updates, and please feel free to submit your article.