SNEAK PEEK
- Starbucks announces termination of NFT rewards program, Odyssey Beta, sparking speculation about the company’s future initiatives.
- The closure of program marketplace and community Discord server hints at significant changes within Starbucks’ loyalty program framework.
- Experts weigh in on the closure and predict the evolution of NFTs as valuable tools with real-world applications in 2024.
Starbucks has made a surprising announcement, revealing the end of its NFT rewards program, Odyssey Beta, scheduled to conclude on March 31. This move, though unexpected, reflects a trend seen among major corporations lately. The program, which allows customers to earn and purchase digital collectible stamps in the form of nonfungible tokens (NFTs), will make way for new initiatives within the company.
During its tenure, Odyssey Beta provided users with engaging coffee-themed games and challenges, rewarding them with digital stamps that offered access to various benefits and interactive experiences. However, Starbucks has decided to shutter both the marketplace where users traded these digital stamps and the associated community Discord server.
Instead, Starbucks proposes a transition to the Nifty marketplace for continued trading of Odyssey stamps. The reasons behind Starbucks’ decision remain undisclosed, leaving speculation about future developments within its loyalty program.
Starbucks launched Odyssey Beta in September 2022 amidst a tumultuous period for the cryptocurrency industry following several high-profile collapses, including the Terra ecosystem, Celsius, and FTX. Notably, Starbucks opted for the Polygon network over proof-of-work blockchains due to its lower energy consumption, aligning with its commitment to sustainability.
This move echoes similar decisions made by other industry giants. GameStop recently closed its NFT marketplace after years of cutbacks in its crypto services. Meta, previously known as Facebook, also discontinued its NFT features across its platforms, Facebook and Instagram, merely ten months after their integration.
Looking ahead, experts speculate on the future of the NFT market in 2024. Vineet Budki, CEO of Cypher Capital, foresees NFTs evolving into valuable tools with real-world applications. Oh Thongsrinoon, Chief Marketing Officer of Altava Group, emphasizes the utility and value of NFTs beyond mere profile pictures, envisioning their integration into industries like precious metals and real estate.
As Starbucks bids farewell to its NFT rewards program, it signifies a shifting landscape within the cryptocurrency and loyalty program spheres. The closure of Odyssey Beta marks the end of an era yet hints at the potential for innovations on the horizon.
