Starbucks Will Likely Enter The Metaverse Business: CEO Confirmed

Starbucks will likely enter the Metaverse business by the end of the year, according to its CEO Howard Schultz so let’s find out more in today’s latest crypto news.

Starbucks will likely enter the metaverse but that’s about it that the CEO Revealed. The billionaire entrepreneur annoucned that the company plans to enter the NFT busienss before the end of 2022 and the news was confirmed by the company a few hours later. Schultz didn’t provide an exact date as to when the company will move into the NFT world but assured us that it will be sometime before the end of the year.

During his speech, Schultz asked the audience how many people already heard about NFTs and he also inquired as to how many of them were involved in NFTs or had invested. The room went silent but he explained that the ecosystem was still young and that Starbucks has the best tools and collections to move into the new ecosystem:

“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.”

Schultz’s new appointment as CEO of the company can make the company even more crypto-friendly. It is important to note that the other mainstream companies are already sponsoring FNT drops but also creating new crypto experiences such as stores and collaborations with other projects. As Schultz pointed out, Starbucks is not just a beverage brand but a company that has years of tradition, history, and collectibles.

If the company sets its mind, it can create one of the biggest NFT marketplaces in the world. Even If they partner with similar brands from the industry like Coca-cola or Pepsi, the number of business opportunities can be huge especially since these brands are used to please their consumer base with various collectibles. Starbucks’ valuation reached $96.7 billion while the one of OpenSea is surpassing $13.3 billion so it doesn’t come as a surprise that the larger companies will start to invest in these new technologies. Just for reference, Citi argued that in the next few years, the space could become a $13 trillion opportunity that makes Starbucks’ valuation pale in comparison.