Joining many of the largest companies and corporations like Adidas, McDonald’s and Visa, Starbucks has announced they’ll launch NFTs by the end of 2022.
The multinational coffee franchise – valued at over $120 billion and one of the most successful businesses of all time – is keen to capitalize on the popularity of non-fungible tokens with their own digital asset line.
Starbucks NFT Project
CEO Howard Schultz made the announcement at an open forum addressing Starbucks employees and partners. A video of the event is available on the Starbucks Youtube channel.
Details are currently scarce, no preview of the NFT artwork is available and a date for their minting and release to the public hasn’t been announced.
Schultz only commented ‘sometime before the end of the calendar year, we are going to be in the NFT business‘ after asking the audience if they were into cryptocurrency, blockchain tech and NFTs.
In recent weeks payment processor Visa announced they’ll launch an entire NFT creator program to help creators use NFTs to grow their own small businesses.
Internationally regulated crypto platform eToro also announced a similar patron program for upcoming NFT artists, called eToro ART.
Even the UK government is also minting its own NFT, and increasingly traders from within traditional financial markets are moving into NFTs or DeFi (decentralized finance), seeing the two emerging asset classes as fresher and offering more profitable investment opportunities.
All this positive news and hype around NFTs continuing into 2022 should be bullish for the space as a whole, whether you invest in NFTs or related metaverse projects.
There was some criticism levelled at Starbucks on social media for announcing a new NFT collection amid its recent actions including firing union leader Laila Dalton and being vocally in opposition to unions. Some traders are also skeptical of large corporations marketing their own NFTs.
However those concerns are related to Starbucks’ business practices rather than NFT technology in itself.
Published By : Business2Community