On April 4, billionaire entrepreneur and Starbucks CEO Howard Schultz announced in an open forum that the company plans to enter the NFT industry before the end of 2022. This news was confirmed by the company. -even a few hours later.
While Schultz didn’t provide an exact date as to when the company would enter the NFT world, he did assure that it would be “sometime before the end of this calendar year.”
Starbucks will enter the NFT world before the end of 2022
During his speech, Schultz asked the audience how many had heard of NFTs. He also asked how many of them had been involved in NFTs or participated in investments in NFTs. Although the room went almost silent, Schultz Explain that the ecosystem was young and that Starbucks had the best tools and collections to enter this new ecosystem.
“If you look at the companies, brands, celebrities, influencers who are trying to build an NFT digital platform and business, I can’t find one of them that has the treasure trove of assets that Starbucks has. , from collectibles to all of the company’s assets.
Schultz’s new appointment as CEO of the company could bring an even more crypto-friendly Starbucks. It is important to note that other mainstream companies are not only sponsoring NFT drops, but also creating new crypto experiences like stores in the metaverse or collaborations with other crypto projects.
What could Starbucks bring to the NFT space?
As Schultz pointed out in his speech, Starbucks is not just a beverage brand, but a company with years of tradition, history and collectibles found around the world that a single digital artist could not compete.
That is to say, if the company gets on with it, it could create one of the largest NFT marketplaces in the world. Even if they were to partner with other similar brands in the industry, such as Coca-Cola, Budweiser or Pepsi-Cola, the number of business opportunities could be enormous, especially since these brands are already used to please their customers with collectibles like cans, bottles and special editions of their favorite beverages.
Starbucks’ valuation is approximately $96.7 billionwhile that of OpenSea, an NFT marketplace founded in 2017, already exceeds $13.3 billion. It is therefore not surprising that large 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 NFTs and the metaverse. Just for reference, Citi argues that in the years to come space could become a $13 trillion opportunity that makes Starbucks’ valuation pale in comparison.
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