Howard Schultz, the billionaire entrepreneur and CEO of Starbucks, announced in an Open Forum on April 4 that the company plans to enter the NFT business by the end of 2022. A few hours later, the company itself confirmed the news.
Although Schultz did not specify a specific date for the company’s transition to NFT, he assured that it would be “sometime before the end of this calendar year.”
During his speech, Schultz asked how many people had heard of NFTs. He also asked how many of them had been involved in NFTs or had invested in NFTs. Despite the near-complete silence in the room, Schultz explained that the ecosystem was young and that Starbucks had the best tools and collections to move into this new ecosystem.
Starbucks may become even more crypto-friendly as a result of Schultz’s new appointment as CEO. It is important to note that other mainstream companies are not only sponsoring NFT drops, but also developing new crypto experiences such as metaverse stores and collaborations with other crypto projects.
Starbucks is more than just a beverage brand; it is a company with years of tradition, history, and collectibles found all over the world that a digital artist cannot compete with pointed out by Schultz in his talk.
That is to say, if the company sets its mind to it, it has the potential to build one of the world’s largest NFT marketplaces. Even if they partnered with other similar brands in the industry, such as Coca-Cola, Budweiser, or Pepsi-Cola, the amount of business opportunities could be enormous, especially since these brands are already used to pleasing their consumer base with collectibles such as cans, bottles, and special editions of their favourite beverages.
Starbucks is valued at approximately $96.7 billion, while OpenSea, an NFT marketplace founded in 2017, is already valued at more than $13.3 billion. As a result, it is not surprising that large corporations want to begin investing in these new technologies.
When it comes to developing business opportunities related to NFTs and the metaverse, there is certainly room for everyone. For example, Citi believes that in the coming years, the space could become a $13 trillion opportunity, dwarfing Starbucks’ valuation.
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