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Following the likes of McDonald’s and Samsung, Starbucks has become the latest in a line of eager companies eager to capitalise on the rising hype and fame of the NFTs and the Metaverse. Starbucks CEO Howard Schultz announced on April 4th during an Open Forum, that the $120 billion company would introduce its non-fungible token and Metaverse venture by the end of 2022.
The announcement came with few details, although Schultz did assure the audience “sometime before the end of this calendar year.” With absolutely previews or proof of concept, the question on the minds of many is: “Is crypto and the metaverse really the future for a coffee house?”
Starbucks and NFTs – Match-a made in heaven?
Schultz, while addressing an open forum directed toward unionising workers, asked the audience about their views on NFTs and the Metaverse. He also enquired whether they have ever been involved in NFTs or participated in NFT investments. The response was less than positive, with silence filling the room. Despite this, Schultz went on to explain how the NFT ecosystem was still young, and that Starbucks was prime to capture this new domain.
“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.”
Source: Beebom
Schultz’s proposal is certainly credible since Starbucks could leverage its 50+ years of heritage and brand presence to launch a massive NFT marketplace – perhaps even the largest in the world. This holds especially true if they partnered with similar giants in the industry, like Budweiser, Coca-Cola or Pepsi-Cola. While OpenSea has made a name for itself as the go-to platform for trending NFTs, Starbucks could very likely position itself as the one-stop-destination for all of the biggest franchise-based NFTs.
Starbucks also has the advantage of, well, already being a $120 billion dollar franchise, with pre-existing marketability that current NFT marketplaces like OpenSeas and Rarible simply can’t match. Because of this, Starbucks could easily integrate its NFT venture into its day-to-day operations. This could be a membership coffee club, a loyalty program that could give special limited rewards, or exclusive access via NFT to unique online experiences such as a virtual online event with coffee experts. The possibilities for how Starbucks could successfully market NFTs to their millions of customers are boundless.
Large companies are eyeing NFTs
The largest NFT marketplace OpenSea, founded in 2017, has already surpassed $13.3 billion. There’s simply an immense audience for NFTs, so it’s hardly a surprise that large companies are eyeing these new technologies. In just the past few months alone, the NFT space welcomed giants like Hasbro, YG Entertainment, Lamborghini and Samsung.
Regardless of what happens with Starbucks, one thing is for certain. NFT investors are sure to appreciate all the positive news and hype surrounding the space, and there’s ample excitement in the air for even more companies to enter the fray.