Starbucks, the biggest coffeehouse in the world, is on the verge of entering the virtual world. The company’s CEO didn’t say much but stated it would do so this year. Howard Schultz, the famous entrepreneur and Founder of Starbucks, revealed in a Public Forum on the 4th of April that the firm intends to join the NFT market by the close of 2022. This information was eventually verified by the corporation itself some few hours after it was first reported.
Starbucks Plans To Join The NFT Industry
In his address, Schultz inquired of the crowd how many were familiar with Non-Fungible Tokens. He also wanted to know the number that had been engaged in NFT investments. Despite the fact that the audience was almost completely quiet, Schultz said that the industry was still in its infancy and that the coffee company had the greatest resources and assets to help it transition into this new environment.
“The vast collection of resources Starbucks possesses ranges from vintage items to the company’s entire history. If you glance at the organizations, brand names, public figures, and influencers who are attempting to build a digital NFT system and business, I simply can not find one among them with the kind of resources we have,” says the CEO.
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Starbucks may become even more pro-crypto as a result of Schultz’s recent job as the firm’s chief executive officer. Other mainstream corporations are not just supporting NFT releases, but they are also establishing new cryptocurrency experiences such as storefronts in the metaverse and cooperation with other cryptocurrency initiatives.
What Can Starbucks Add To The NFT Ecosystem?
As Schultz stressed in his address, Starbucks is more than simply a coffee corporation; it is also a firm with decades of culture, heritage, and collectibles that can be found all over the globe, which a single virtual artist would be unable to contend with.
That means if the corporation puts its attention to it, it has the potential to become one of the world’s biggest NFT trading markets. It’s possible that they could collaborate with other related brands on the market, such as Coca-Cola or Pepsi-Cola, and create a slew of new business models. This is especially true given that these organizations are now accustomed to pleasing their consumer market with collectibles such as canned goods, bottles of beer, and limited-edition coffee drinks.
Starbucks is valued at around $96.8 billion, while the valuation of OpenSea, a marketplace created for NFTs in 2017, has already surpassed $13.3 billion. As a result, it should come as no surprise that huge corporations want to begin pooling funds in these technological innovations.
Presently, there is space for everybody to generate business prospects that are tied to NFTs or the virtual world. For the sake of comparison, Citi estimates that the area will grow to be worth over $13 trillion in the future years, making Starbucks’ value seem insignificant in comparison.
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