Starbucks Enters NFT Business, Here's CEO Howard Schultz .'s Plan

Starbucks will plunge into the NFT industry. (Unsplash)

JAKARTA – The NFT industry has attracted various groups, including individuals and institutions, to enter the world of digital art as Starbucks will do. The plan to enter the NFT business was delivered directly by Starbucks CEO Howard Schultz on April 4.

He said that the company will enter the NFT business arena before the end of 2022. However, Schultz did not provide a detailed date regarding the exact time for the company to enter the world of Non-Fungible Tokens. However, the plan was approved by the company.

Reporting from CryptoPotato, while giving a speech Schultz asked the audience how many had heard of NFT. He also asked how many of them were involved in NFT or participated in NFT investments. Despite the silence in the room, Schultz explained that the ecosystem is still young and Starbucks has the best tools and collections to move into this new ecosystem.

“If you look at the companies, brands, celebrities, influencers trying to create a digital NFT platform and business, I can't find any of them that has the treasure trove of assets that Starbucks has in its collection to the entire corporate legacy.”

Schultz's new appointment as CEO of the company could make Starbucks even more crypto-friendly. It is important to note that other mainstream companies are not only sponsoring NFT shares but also creating new crypto experiences such as stores on the metaverse or collaborations with other crypto projects.

As Schultz pointed out in his lectures, Starbucks is not just a beverage brand but a company with years of tradition, history, and collectibles found around the world that digital artists alone cannot match.

That is, if the company sets its mind to it, it could create one of the largest NFT marketplaces in the world. 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 considering these brands are already being used to delight their consumer base with collectibles such as cans, bottles. , and special editions of their favorite drinks.

Starbucks' valuation is around USD 96.7 billion (equivalent to IDR 1.4 quadrillion), while OpenSea, an NFT marketplace founded in 2017, has already exceeded USD 13.3 billion (approximately IDR 186 trillion). So it is not surprising that a number of large companies are tempted to invest in digital art powered by the new blockchain technology.