Later this month, at the Investor Day event, Starbucks will unveil its Web3 initiative, which combines NFTs with a coffee motif. The organisation engaged Adam Brotman, who developed the Starbucks app and the company’s Mobile Order & Pay system, to serve as a special advisor on the initiative. The business was one of the first to provide the concept of a digital wallet even before Apple Pay gained widespread acceptance. Customers may accumulate NFTs for purchases made through the app or at physical Starbucks shops. Howard Schultz, the CEO, emphasised the need to appeal to younger clients. He said that the company had “never been in our history more relevant to Gen Z” as it is at this time. Starbucks had strong profits for the quarter, above Wall Street expectations. The company reported adjusted earnings per share of 84 cents versus an expected 75 cents and revenue of $8.15 billion versus an expected $8.11 billion.
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