Starbucks, the renowned international coffee chain, has decided to end its NFT rewards program. According to a recent statement, the program, known as “Odyssey Beta,” will officially end on March 31.
The initiative allowed customers to participate in coffee-related games and challenges, earning digital collector stamps in the form of non-removable tokens(NFTs) that could be used to access exclusive benefits and interactive experiences.
With the closure of the marketplace where users exchanged their digital stamps, Starbucks ‘ community server will also be shut down. However, the company announced that the Odyssey marketplace will be moved to the Nifty marketplace, allowing users to continue buying, selling and transferring Odyssey stamps on the new platform.
Starbucks is ending the NFT program to prepare for new ventures
Reasons for Starbucks’ decision to end the program remain undisclosed. Nevertheless, the company said it was important to “prepare for what is tocome as the program continues to expand.”
Starbucks first launched the Odyssey program in September 2022, a difficult time for the cryptocurrency industry.
It was launched after significant crashes in the Terra-Luna ecosystem and the impending collapse of major cryptocurrency exchange FTX. In creating the program, Starbucks opted for the Polygon network because of its lower power consumption compared to proof-of-work blockchains.
Starbucks is another example of the trend of companies withdrawing from the NFT space. In January, gaming retailer GameStop announced that it would close the NFT market after cutting back on crypto services over the past two years.
In a similar vein, tech giant Meta, ended the use of NFT features on its social media platforms, such as Facebook and Instagram, just ten months after their initial inclusion.
Company X, owned by Elon Musk, recently discontinued a feature allowing premium users to use profile pictures with NFT images.
What does the future hold for NFT?
Looking ahead, industry experts have different predictions for the future of the NFT market in 2024.
Vineet Budki, CEO of Web3 venture firm Cypher Capital , predicts that NFTs will grow into valuable tools with real-world applications.
Meanwhile, Oh Thongsrinoon, chief marketing officer at Altava Group, which connects luxury fashion brands to Web3, believes that NFTs will no longer be just simple profile pictures (PFPs). Thongsrinoon envisions deploying NFTs in industries such as precious metals and real estate throughout the year.
It is worth noting that the NFT market has been on the upswing recently due to the rebound in cryptocurrency prices. In October, NFT trading volume increased by $99 million to reach $405 million, a level of sales not seen since August.
Similarly, NFT sales on the Bitcoin (BTC) network reached a new milestone in December 2023, surpassing $881 million for the first time ever. This included 111,713 buyer addresses and 98,744 seller addresses, the highest level ever in a single month.
