Starbucks, the multinational coffee chain, has made the decision to discontinue its program offering customers the opportunity to earn and purchase digital collectible stamps known as non-fungible tokens (NFTs). This move comes as Starbucks aims to pave the way for new initiatives and experiences within its loyalty program.
In a recent announcement, Starbucks revealed that its “Odyssey Beta program” is set to conclude on March 31. The program, which allowed users to participate in coffee-themed games and challenges, rewarded them with digital stamps. These stamps could then be used to unlock various benefits and interactive experiences within the Starbucks ecosystem.
In addition to ending the “Odyssey Beta program,” Starbucks will also be shutting down the marketplace where users could trade their digital stamps. Furthermore, the community Discord server associated with the program will also be discontinued. This marks the end of an era for Starbucks’ NFT rewards program, as the company shifts its focus towards new ventures and opportunities for its loyal customers.
<blockquote class=”twitter-tweet”><p lang=”en” dir=”ltr”>Starbucks Says Its NFT Rewards Program Must Come To An End<br><br>What are your thoughts on the closure of the Starbucks Odyssey NFT Rewards Beta program?<br><br>🔗 Follow <a href=”https://twitter.com/Socrates_global?ref_src=twsrc%5Etfw”>@Socrates_Global</a> for captivating crypto updates. Join our community on Telegram: <a href=”https://t.co/a0Pm5BI4lQ”>https://t.co/a0Pm5BI4lQ</a><a href=”https://twitter.com/hashtag/Socratescom?src=hash&ref_src=twsrc%5Etfw”>#Socratescom</a>… <a href=”https://t.co/Plvd6dK44R”>pic.twitter.com/Plvd6dK44R</a></p>— Socrates (@Socrates_global) <a href=”https://twitter.com/Socrates_global/status/1769296646847025241?ref_src=twsrc%5Etfw”>March 17, 2024</a></blockquote> <script async src=”https://platform.twitter.com/widgets.js” charset=”utf-8″></script>
Starbucks has announced the transition of its Odyssey marketplace to the Nifty marketplace, where users can still engage in buying, selling, and transferring Odyssey stamps. However, the rationale behind Starbucks’ decision to shut down the program remains shrouded in mystery, leaving uncertainties about potential future developments in the Web3 space.
Nevertheless, Starbucks emphasizes the importance of preparing for what lies ahead as it continues to evolve its loyalty program. This forward-looking approach underscores the company’s commitment to adapting to changing market dynamics and customer preferences.
The program was initially launched by Starbucks in September 2022, amidst a turbulent period for the crypto industry. This timing coincided with various challenges, including the collapse of the Terra ecosystem in May 2022, the crash of the crypto lending platform Celsius in July 2022, and the subsequent collapse of the major crypto exchange FTX. Despite these challenges, Starbucks forged ahead with its NFT rewards program, signaling its commitment to innovation and exploration in the crypto space.
When Starbucks introduced Odyssey Beta, it made a deliberate choice to utilize the Polygon network instead of proof-of-work blockchains due to its lower energy consumption.
In a statement, Starbucks highlighted its decision to leverage a more energy-efficient “proof-of-stake” blockchain technology developed by Polygon, which significantly reduces energy consumption compared to traditional “proof-of-work” blockchains.
Interestingly, it was only in January that gaming retailer GameStop announced the closure of its NFT marketplace, following a series of downsizing measures in its crypto services over the preceding two years.
Similarly, around the same time last year, tech behemoth Meta made headlines by discontinuing its NFT features across its social media platforms, Facebook and Instagram. This decision came just 10 months after the initial launch of these integrations.
Vineet Budki, the CEO of Web3 venture firm Cypher Capital, expressed his anticipation for NFTs to evolve into valuable tools with tangible real-world applications throughout 2024.
Additionally, Oh Thongsrinoon, the chief marketing officer of Altava Group, which specializes in linking luxury fashion brands with Web3 technologies, emphasized the multifaceted nature of NFTs beyond merely serving as profile pictures (PFPs). He underscored the belief that NFTs possess intrinsic utilities and value beyond mere aesthetic appeal.
Thongsrinoon envisages a broader integration of NFTs across various industries, including sectors such as precious metals and real estate, throughout the course of this year.
