Starbucks to End NFT Rewards Program

Starbucks is discontinuing its digital collector stamp program, “Odyssey Beta,” which allowed consumers to earn and purchase NFTs.

Starbucks, a multinational coffee company, announced that it will discontinue a program that allows consumers to earn and purchase digital collector stamps in the form of non-fungible tokens (NFTs).

This decision was made to make way for other initiatives. According to a recent statement, Starbucks’ “Odyssey Beta program” will end on March 31.

Participants in the program could engage in coffee-themed games and challenges, earning digital stamps that could unlock additional rewards and interactive experiences in the future.

Additionally, during this time, we will shut down the community discord server and the marketplace where users can trade their digital stamps.

“The Odyssey marketplace will transition to the Nifty marketplace. You can continue to buy, sell, and transfer Odyssey stamps on the Nifty marketplace.”

Starbucks Discontinues NFT Program

The reason why Starbucks continues the initiative is still unknown, and it is not known whether another Web3 development will be implemented in its place. However, as it continues to “evolve the program,” the organization must prepare for the future.

When Starbucks first introduced the program in September 2022, the cryptocurrency sector was going through a difficult time. Following the collapse of the Terra-Luna ecosystem in May 2022, the cryptocurrency loan platform Celsius suffered a technical failure in July 2022, just before the collapse of the major cryptocurrency exchange FTX.

When Starbucks launched Odyssey Beta, it chose the Polygon network over proof-of-work blockchains because of its lower energy consumption.”Starbucks will utilize a more energy-efficient “proof-of-stake” blockchain technology built by Polygon,” the announcement added.

This technology consumes a significantly lower amount of energy than the “proof-of-work” blockchains used in generation. The gaming store GameStop did not choose Marketplace until January.

This decision came after the company had reduced the number of crypto services it offered over the previous two years. At the same time, the technology giant Meta discontinued its non-fungible token (NFT) functionality across all of its social media platforms, including Facebook and Instagram, around this time last year.

When the first integrations were deployed, only ten months had passed since the first deployment of the integrations when this occurred.

The Chief Executive Officer of Web3 venture capital firm Cypher Capital, Vineet Budki, predicted that “NFTs will mature into valuable tools with real-world applications” by 2024.

According to Oh Thongsrinoon, chief marketing officer of Altava Group, responsible for connecting luxury fashion businesses with Web3, NFTs are more than just profile photographs (PFPs), as he explained.

We have always firmly believed that NFT have utilities and value that go beyond a PFP. This year, he anticipates using non-fungible tokens (NFTs) in businesses such as real estate and precious metals.