Starbucks CEO confirms entering into metaverse business in 2022

Howard Schuitz the billionaire entrepreneur and CEO of Starbucks, declared on April 4, an Open Forum that the company is planning to get space in the NFT business before the end of 2022

Starbucks CEO confirms entering into metaverse business in 2022

During his speech, Schullz asked the audience how many had heard about NFTs, He also inquired as to how many of them had participated in NFT investment. Actually, though the room fell nearly silent, Schultz explained that the ecosystem was young and that Starbucks delivered the best tools and collections to move into this 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 could bring an even more crypto-friendly Starbucks. it is important to note that companies mainstream are not only sponsoring NFT drops but also creating new crypto experiences like Store in the metaverse or collaborations with other crypto projects. 

Starbucks is not just a beverage brand but a company with years of tradition, history, and collectibles found around the world that a digital artist alone could not compete against. 

If the company sets its mind to it, it could create one of the largest NFT marketplaces in the world. also, partnerships with other similar brands like Coca-Cola, Budweiser, or Pepsi-Cola, the amount business opportunities could be huge, especially considering that these brands are already used to please their consumer base with collectibles like cans, bottles, and special editions of their favorite beverages. 

Starbucks, valuation is about $96.7 billion, while OpenSea, an NFT marketplace founded in 2017, is already reaching $13.3 billion, So it is not unexpected that large companies want to start investing in these new technologies. 

Moreover, there is sure for everyone when it comes to developing business opportunities connected to NFTs and the metaverse that in the upcoming years, the space could become a $13 trillion opportunity which makes Starbucks valuation pale in comparison.

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