Starbucks CEO Howard Schultz revealed on Tuesday, during an Open Forum, that the company intends to join the Metaverse and Non-Fungible Tokens (NFT) arena and would release more specifics before the end of the year.
Starbucks definitely has Metaverse Plans and wants to get into NFTs and the Metaverse
During an open discussion aimed at unionizing employees, Schultz inquired about the audience’ opinions on the Non-Fungible Tokens (NFT) and the Metaverse. He then interacted with the audience, asking them whether they had ever looked into NFTs or if they had taken part in any NFT events or made any NFT-related investments in the past. While the reaction from the crowd was muted, Schultz used the opportunity to explain how the non-traditional retail sector is still in its infancy and that Starbucks owns all of the necessary skills to penetrate this new market segment.
Having joined Starbucks in 1986, Schultz has received various accolades, including the expansion of the company’s first outlet branches from fewer than 100 to more than 28,000 worldwide. Schultz has been named Chairman and CEO of the company on multiple occasions.
Schultz also said that the well-known brand identification of Starbucks would eventually be advantageous in the growing web3 area.
Starbucks NFT plans, on the other hand, are currently lacking in specifics, however Schultz has said that more precise information would be released “sometime before the conclusion of this calendar year.”
Starbucks may have a significant influence on the non-alcoholic beverage industry in a variety of ways. Starbucks might build an NFT marketplace to support the Non-Fungible Token sector, according to speculation, by leveraging its long-standing tradition of collectibles and well-established brand presence. It may also establish a physical presence in the Metaverse by building a virtual store, although these are only guesses at this point, and nothing has been verified by the corporation as of this writing.
In recent years, the notion of the Metaverse has gained increasing popularity, and it is commonly defined as “exploring a virtual world in which individuals engage with one another via their virtual avatars and undertake ordinary tasks in a virtual context.” The notion has gained tremendous pace in recent years, with estimates indicating that it will be worth $758.6 billion by the year 2026.