Starbucks is on the verge of entering the metaverse. The CEO provided few details, but whatever it is, it will be available this year.
Howard Schultz, the billionaire entrepreneur and CEO of Starbucks, revealed during an Open Forum on April 4 that the firm intends to join the NFT market by the end of 2022. The corporation verified this news a few hours later.
Although Schultz did not provide a specific timeframe for the company’s transition to NFT, he ensured that it would occur “sometime before the end of this calendar year.”
Starbucks plans to join the world of non-financial companies (NFTs) by the end of 2022
Schultz asked the crowd during his address how many had heard of NFTs. He also enquired as to how many of them were interested in or invested in NFTs. Even as the group went quiet, Schultz stated that the ecosystem was in its infancy and that Starbucks had the greatest tools and resources for navigating it.
“If you look at the corporations, brands, celebrities, and influencers who are attempting to build a digital NFT platform and business, I have yet to see one that has the rich mine of assets that Starbucks does, ranging from collectibles to the company’s entire history.”
Schultz’s recent position as CEO of the firm may result in a Starbucks that is even more crypto-friendly. It’s important to note that other mainstream firms are not just supporting NFT drops, but also developing new crypto experiences such as metaverse shops and cooperation with other crypto initiatives.
What value may Starbucks provide to the non-financial technology sector?
As Schultz noted in his address, Starbucks is more than a beverage brand; it is a firm steeped in tradition, history, and treasures found across the globe that a digital artist alone cannot match.
That is to say, if the firm puts its mind to it, it has the potential to become one of the world’s biggest NFT markets. Even if they partner with other similar brands in the industry, such as Coca-Cola, Budweiser, or Pepsi-Cola, the number of business opportunities could be enormous, especially given that these brands are already well-known for pleasing their consumer base with collectibles such as cans, bottles, and limited editions of their favorite beverages.
Starbucks is valued at around $96.7 billion, whereas OpenSea, a 2017 NFT marketplace, has already surpassed the $13.3 billion level. As a result, it’s unsurprising that huge firms desire to invest in these emerging technologies.
And there is certainly a place for everyone when it comes to commercializing NFTs and the metaverse. For perspective, Citi asserts that the area might become a $13 trillion potential in the future years, dwarfing Starbucks’ worth.
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