- Starbucks (NASDAQ:SBUX) CEO Howard Schultz is soon to enter the non-fungible token (NFT) sector.
- Schultz has suspended Starbucks’ share repurchasing program.
- Rebuilding the future of Starbucks will lead to a company without unions.
Starbucks’ new interim CEO Howard Schultz will soon enter the company in the non-fungible token (NFT) sector. He shared his strategy for the future of the company while addressing his employees at the Open Forum.
Schultz said that he isn’t a digital native and questioned the audience if they had heard of NFTs or whether participating in NFT investments.
After not receiving the intended response, Schultz explained that the ecosystem was young. Starbucks, he claimed, has the best tools and collections for this new enterprise.
He stated that he cannot think of a single firm, brand, celebrity, or influencer that is seeking to build a digital NFT platform and business that has the treasure trove of assets that Starbucks has, ranging from all the collectibles to the company’s whole history.
With Schultz as CEO, Starbucks could become even more crypto-friendly. It’s worth noting that other mainstream corporations aren’t just funding NFT drops; they’re also creating new crypto experiences like metaverse stores and cooperation with other crypto projects.
Schultz will be aiming to introduce NFT and cryptocurrencies in Starbucks by the end of 2022. As the CEO he realizes that the company faces challenges like pinched supply chains and a rising generation that demands new accountability for business.
To set things in motion, Schultz will suspend Starbucks’ share repurchasing program.
Starting immediately, we are suspending our share repurchasing program. This decision will allow us to invest more profit into our people and our stores — the only way to create long-term value for all stakeholders.
Schultz believes that this sector will help the company evolve its customer and working experience. Digital assets will give Starbucks the tool to adapt to the present time. And people will find a new way to experience the store.
By rebuilding Starbucks, it will lead to a company without unions. He aims for Starbucks not to need anyone in between them and their customers.