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Starbucks Howard Schultz says the coffee chain is getting into the NFT business this year

Interim CEO Howard Schultz said its NFT ambitions will be realized in 2022.

Starbucks is experimenting with non-fungible tokens this year, according to interim CEO Howard Schultz, who spoke on the need to transform the customer and employee experience with the coffee company on Monday.

Starbucks said in a statement that it is working on “digital innovation through NFTs,” among other things, and that further information will be released in the coming weeks.

“We’re going to be in the NFT business sometime before the end of this calendar year,” Schultz stated at the company’s Open Forum on Monday. Jordan Zakarin, a reporter and producer for More Perfect Union, a progressive non-profit news media company, published a video clip of his statements regarding NFTs on the internet.

“If you look at the companies, brands, celebrities, and influencers that are trying to build 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 company’s entire heritage,” he said, telling workers at the meeting that he’s been studying the business of digital assets.

According to a research by Nonfungible.com, the market for NFTs – or blockchain-based tokens that offer holders rights to largely digital reproductions of music, art, and other collectibles – exploded in 2021, with trade volume jumping to $17.6 billion from just $82 million in 2020.

The Bored Ape Yacht Club collection, the CryptoPunk art series, and Christie’s sale of an NFT art work for more than $69 million last year are just a few of the most well-known examples.

Schultz’s comeback comes at a time when the corporation is dealing with the current coronavirus pandemic, which has forced the closure of physical facilities around the world. He’s also returning in the midst of a major unionisation trend in the United States. Starbucks’ planned share buyback programme was delayed last week by Schultz, who said the move would allow the company to invest more in its “people and our shops” in order to build long-term value for its shareholders.