In a recently hosted open forum, industry leading coffee house Starbucks has announced its interest in entering the metaverse. Despite failing to release any specific information regarding such endeavour, the company’s CEO Howard Schultz made no hesitation in affirming that its Web3 plunge will take place before the end of 2022.
More specifically, Schultz pointed to the ’NFT business’ as the company’s intended area of direction, where he also alluded to the brand’s competitive advantage over mainstream bodies who’ve already delved into the 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”.
With regards to such comments, it is possible that Schultz is referring to Starbucks’ household-name stature, which has not only helped firmly cement the company’s place in the primordial history of the 21st century, but has also enabled it to amass an astronomical valuation that surpasses $13.3 billion.
With such financial backing in mind, it would be wise to assume that, like its physical franchise locations, the company’s Web3 footprint will have the capacity to stretch far and wide, with the likelihood of heavy-hitting, inter-industry partnerships being a prevalent possibility.
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