The multi-million dollar beverage brand Starbucks is looking to explore the world of metaverse and NFTs. The American multinational chain of coffeehouses wants to build a name for its brand in the virtual world.
Howard Schultz, the CEO of Starbucks, at an open forum day, highlighted that brands, celebrities, and influencers are trying to create a digital NFT platform and business. He revealed that Starbucks is equipped with the resources and knowledge necessary to establish itself in the virtual ecosystem.
Schultz engaged with the audience and asked them about their thoughts on the metaverse and NFTs. He explained that the NFT sector is still young and Starbucks possesses all the relevant tools to enter this new domain. The executive pointed out that of the current companies and brands that have stepped into the metaverse, none of them has the treasure trove of assets that Starbucks has – from collectibles to the entire heritage of the company. He believes Starbucks’ renowned brand identity will ultimately prove beneficial in the emerging Web3 domain.
The rumor mill is rumbling that the beverage company could leverage its age-old heritage of collectibles and reputed brand presence to launch an NFT marketplace – driving the non-fungible token sector. It could establish itself in the metaverse by opening a virtual shop. However, these are just speculations. Nothing has been confirmed so far.
Schultz also announced the company would be suspending its stock repurchase program. It will instead invest in Starbucks’ partners and stores. He pointed out that he is not in business to make every single decision based on the stock price or the quarter, or EPS or adding shareholder value at the expense of its people and customers.