The Metaverse is about to welcome yet another entrant, going by the news that Starbucks is set to embark on the journey later in the year.
On the 4th of April, Starbucks’ CEO, Howard Schultz, announced that the business behemoth is looking at the possibility of venturing into the NFT ecosystem before the year-end. The company later confirmed the news.
Although Schultz gave no further clarification regarding the planned move, the CEO confirmed that the proposed action by the company would take place before the end of the year.
NFT: The Next Destination for Starbucks
During an open speech with stakeholders of the company, the CEO asked the audience what they knew about NFTs and how many of them present had been involved in NFTs and or their related investments.
No answer was given, but Schultz continued his speech by adding that the NFT ecosystem is still at its maturity stage and that the company has the best resources to move into the new space.
Schultz believed that other brands, influencers, and celebrities looking to venture or is already in the NFT ecosystem could not boast of the financial assets of Starbucks, right from the collectibles to the entire prestige of the company.
It is believed that the appointment of Schultz as the CEO would usher in a fresh approach to doing things, especially a more crypto-friendly environment in Starbucks.
It is worth mentioning that other mainstream firms are investing in NFT drops and are also establishing new experiences like online stores in the Metaverse or getting into extensive collaborations with crypto projects.
Schultz wants to take Starbucks a step further by making the Metaverse a new sphere of influence for the brand.
What the NFT Space Stands to Benefit from Starbucks Entry
According to the CEO, Starbucks is more than just a beverage company, but a brand with a rich history, tradition, and collections scattered worldwide that can match any collectible created by a digital artist.
This implies that, if it desires, the company can create the largest NFT market platform to rival even the best the industry currently has. Even with a partnership with similar beverage brands like Coca-Cola, the trade volume is better to imagine because they have a vast customer base already used to their collections.
Starbucks’ market cap is valued at $96.7 billion, compared to OpenSea, one of the leading NFT marketplaces, whose valuation surpassed $13.3 billion. It is not surprising that large business conglomerates are considering moving into the new ecosystem.
Enthusiasts are pretty sure that there is enough room for all players to make a name for their brands in the NFT space and the Metaverse.
For emphasis, one of the world’s leading banks forecasts the growth of the new ecosystem to reach $13 trillion, which is way higher than the valuation of Starbucks.
Starbucks has the financial wherewithal to take the NFT and Metaverse space by storm any time it wants to.