Howard Schultz (billionaire entrepreneur, CEO of Starbucks) announced in an Open Forum, that Starbucks intends to enter NFT before the end 2022. This information was confirmed by Starbucks a few hours after it was announced.
Although Schultz did not provide an exact date as to when the company would move into the NFT world, he assured us that it would be “sometime before the end of this calendar year.”
Starbucks to enter NFTs world before 2022
Schultz then asked his audience how many had heard of NFTs during his speech. He also wanted to know how many were involved in NFTs and participated in NFT investment. Schultz managed to keep the room quiet, even though it was almost silent. explainedThe ecosystem was still young, and Starbucks had the best collections and tools to help it grow.
“If you look at the companies, the brands, the celebrities, the influencers that are trying to create 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 entire heritage of the company.”
Schultz’s new appointment as CEO of the company could bring an even more crypto-friendly Starbucks. It is important that you note that not only do other mainstream companies sponsor NFT drops, they also create new crypto experiences like stores within the metaverse or collaborations between other crypto projects.
What could Starbucks do to help the NFT market?
Schultz made it clear that Starbucks is more than a brand of beverages. It’s a company that has years of history and tradition around the globe, which a digital artist could not match.
If the company puts its mind to it, it might create one of the most important NFT markets in the world. The potential business opportunities for these companies could be enormous even if they partnered with similar brands like Budweiser or Coca-Cola. This is especially true considering the fact that these brands are used to pleasing their consumers with collectibles such as cans and bottles of their favorite beverages.
Starbucks’ valuation is about $96.7 billion, while that of OpenSea, an NFT marketplace founded in 2017, is already surpassing $13.3 billion. It is therefore not surprising that major companies are keen to invest in these new technologies.
There is plenty of room for everyone to develop business opportunities in the NFTs or metaverse. For your reference: Citi is arguing that in the upcoming years, the space could become a $13 Trillion opportunity which makes Starbucks’ valuation pale in comparison.