Howard Schultz, a billionaire entrepreneur and the CEO of Starbucks, revealed in an Open Forum on April 4 that the firm plans to enter the NFT market by the end of 2022. A few hours later, the corporation confirmed the information.
Although Schultz did not give a specific timetable for the company’s transition to NFT, he stated that it would happen “sometime before the end of this calendar year.”
Starbucks plans to enter the NFT market by the end of 2022:
Schultz asked the audience how many of them had heard of NFTs during his speech. He also wanted to know how many had been associated with NFTs or invested in NFTs. Despite the audience becoming silent, Schultz noted that the environment was new and that Starbucks had the greatest tools and collections to help people navigate it.
“I can’t think of a single firm, brand, celebrity, or influencer that is seeking to build a digital NFT platform and business that has the treasure trove of assets that Starbucks has, from collectables to the company’s whole history.”
Starbucks might become even more crypto-friendly due to Schultz’s recent position as CEO. It’s worth noting that other mainstream corporations aren’t just funding NFT drops; they’re also building new crypto experiences like metaverse shops and cooperation with other crypto initiatives.
What is Starbucks’ potential contribution to the NFT market?
As Schultz noted in his address, Starbucks is more than simply a beverage company; it is a firm with years of tradition, history, and collectables located worldwide, which a digital artist alone could not match.
It is to state that if the corporation turns its thoughts to it, it may be able 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 number of business opportunities could be enormous, especially since these brands are already known for providing collectables such as cans, bottles, and special editions of their favourite beverages to their customers.
Starbucks has a market capitalisation of $96.7 billion, whereas OpenSea, an NFT marketplace created in 2017, has a market capitalisation of $13.3 billion. As a result, it’s no surprise that huge corporations want to begin investing in these emerging technologies.
There is definitely a place for everyone when it comes to generating commercial prospects relating to NFTs and the metaverse. For context, Citi estimates that the space might become a $13 trillion potential in the future years, dwarfing Starbucks’ current worth.
