On April 4, billionaire entrepreneur and Starbucks CEO, Howard Schultz, announced in an Open Forum that the company is planning to enter the NFT business before the end of 2022. This news was confirmed by the company itself a few hours later.
Although Schultz did not provide an exact date for when the company will be active in the NFT world, he assured that it will be “before the end of this calendar year.”
Starbucks to enter the NFT world before the end of 2022
During his speech, Schultz asked the audience how many had heard of NFT. He also asked how many of them were involved in the NFT or engaged in investing in the NFT. Despite the fact that the room was silent, Schultz explained that the ecosystem is nascent and that Starbucks has the best tools and collections to move into this new ecosystem.
“If you look at companies, brands, celebrities, influencers trying to create digital NFT platforms and businesses, I can’t find one of them that has Starbucks has a wealth of assets that range from collectibles to the entire corporate heritage.”
The newly appointed Schultz as the company’s CEO could deliver an even more crypto-friendly Starbucks. It is important to note that other mainstream companies not only fund NFT issuances but also create new crypto experiences such as stores in the metaverse or partnering with other crypto projects.
What can Starbucks bring to the NFT space?
As Schultz points out in his talk, Starbucks is not just a beverage brand, but a company with years of tradition, history and collectibles found around the world without Is there any digital artist can compete.
That means, if the company is determined to do it, it could create one of the largest NFT markets in the world. Even if they partner with other similar brands in the industry, such as Coca-Cola, Budweiser or Pepsi-Cola, the business opportunity can be huge, especially considering that these brands are already satisfied. delight their consumers with collections such as cans, bottles and special editions of their favorite drinks.
Starbucks’ valuation is around $96.7 billion, while OpenSea, an NFT marketplace founded in 2017, has surpassed $13.3 billion. So it’s not surprising that big companies want to start investing in these new technologies.
And there is certainly room for everyone when it comes to developing business opportunities related to NFT and the metaverse. Citi argues that in the coming years, this space could become a $13 trillion opportunity, which puts Starbucks’ valuation in a pale spot compared to where it is now.