Starbucks to Join Metaverse Frenzy as New CEO Takes Over

• Starbucks has announced plans to incorporate the Metaverse and NFTs into its marketing strategy in 2022

• The plan was announced by Howard Schultz, who was reappointed the CEO of the company in March

• Involvement of brands in the virtual world has been growing at an astonishing rate as companies look to capitalize on the hype

Howard Schultz was the CEO of Starbucks from 2008 and 2017, before handing over to Kevin Johnson. After 5 years away from the job, Schultz has returned to the company as the CEO, and he brought along huge plans that indicate where the company is headed.

Just a few weeks after his reappointment, Schultz has announced in an Open Forum that the company is planning to enter the metaverse and NFT world.

The billionaire’s announcement revealed that the company plans to piggyback on the rising hype of NFT and metaverse and build a brand in the virtual world.

Adding to his statement, Schultz expressed confidence in the coffee chain’s ability to establish itself in the virtual world, thanks to available “resources and knowledge”.

Despite the lengthy revelation of Starbucks’ plan for the metaverse, no date was given for when the company will officially join in.

Also, Howard Schultz disclosed that Starbucks will be putting its stocks repurchase program on hold. It will instead be investing in partners and stocks.

Even though a Coffeehouse is the last thing that you’d have expected in the metaverse, Starbucks’ entry doesn’t come as a shock. It follows a similar announcement by Macdonald earlier this year, to offer products and services in the metaverse.

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