Starbucks has announced the discontinuation of its NFT rewards initiative, the “Odyssey Beta program,” slated to end on March 31.
This unique program engaged customers with coffee-themed games and challenges, rewarding them with digital collectible stamps as non-fungible tokens (NFTs).
These NFTs offered exclusive benefits and interactive experiences.
With the closure, the marketplace for trading these digital stamps and the company’s community discord server will also be discontinued.
Nevertheless, the Odyssey marketplace will pivot to the Nifty marketplace, allowing the ongoing trade and transfer of Odyssey stamps.
This termination aligns with Starbucks’ broader strategic shifts, although specific reasons for the program’s end were not disclosed.
The company hinted at preparing for future developments in their statement, indicating a strategic realignment.
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Launched amidst a tumultuous period for the cryptocurrency sector in September 2022, the Odyssey program was a foray into the NFT world during a time marked by significant downturns in the crypto industry, including the collapses within the Terra-Luna ecosystem and the challenges faced by Celsius and FTX.
Starbucks chose the Polygon network for its lower energy consumption, showcasing a preference for sustainability in its digital endeavors.
The decision by Starbucks reflects a growing trend among corporations to step back from NFT ventures. Notable examples include GameStop’s withdrawal from its NFT marketplace and Meta’s (formerly Facebook) cessation of NFT features on its platforms.
More recently, X (formerly Twitter) eliminated the option for premium users to showcase NFT images as profile pictures.
As the NFT market continues to evolve, industry leaders offer optimistic forecasts for its potential in 2024. Vineet Budki, CEO of Cypher Capital, predicts a shift towards NFTs serving practical, real-world applications.
Similarly, Oh Thongsrinoon of Altava Group envisions NFTs breaking out from their current digital confines into tangible sectors like precious metals and real estate.
Amidst these developments, the NFT market has shown signs of revival, with a significant uptick in trading volume and record-breaking sales on the Bitcoin network, highlighting a renewed interest and the dynamic nature of this digital asset class.
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