Starbucks Corp SBUX plans to get into the non-fungible token (NFT) business before the end of the year.
What Happened: Speaking at an Open Forum on April 4, Starbucks CEO Howard Schultz said “Sometime before the end of this calendar year, we are going to be in the NFT business.”
Schultz also went on record to state that he believes Starbucks is far better poised than its competitors to take advantage of opportunities in the digital-asset space.
“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,” he said.
Why It Matters: The NFT boom last year caught the attention of several big-name brands across multiple industries.
Major theatre chain AMC Entertainment Holdings AMC gave 86,000 Spider-Man NFTs to members of AMC Stubs Premiere, AMC Stubs A-List, and AMC Investor Connect who purchased tickets in advance.
NFT sales weren’t solely a marketing opportunity for some companies that managed significant monetization. In December, sportswear giant Adidas ADDYY netted $23.5 million from its ‘Into The Metaverse’ NFT drop.
Price Action: According to data from Benzinga Pro, Starbucks shares traded 0.15% higher during the after-hours session on Tuesday.
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