Starbucks, the famous multinational coffee chain, has decided to end its NFT rewards program, known as the “Odyssey Beta program.” The program, which allowed customers to participate in coffee-themed games and challenges, earning digital collectible stamps in the form of non-fungible tokens (NFTs), will officially conclude on March 31. Along with the closure of the marketplace where users traded their digital stamps, Starbucks will also shut down its community discord server. However, the company has announced that the Odyssey marketplace will transition to the Nifty marketplace, allowing users to continue buying, selling, and transferring their Odyssey stamps on the new platform.
The reasons behind Starbucks’ decision to terminate the program have not been disclosed. However, the company stated the need to “prepare for what comes next as we continue to evolve the program.” Starbucks initially launched the Odyssey program in September 2022, a challenging period for the cryptocurrency industry. The program was created on the Polygon network due to its lower energy consumption compared to proof-of-work blockchains.
This move by Starbucks follows a trend of companies discontinuing their involvement in the NFT space. GameStop, a gaming retailer, announced the closure of its NFT marketplace in January, while tech giant Meta (formerly Facebook) terminated its NFT features across its social media platforms. Recently, X (formerly Twitter) discontinued a feature that allowed premium users to use NFT images as their profile pictures.
Industry experts have varying predictions for the future of the NFT market in 2024. Some believe that NFTs will mature into valuable tools with real-world applications, while others envision their implementation in industries such as precious metals and real estate. It is worth noting that the market for NFTs has been on an upward trend recently, with increased trading volume and sales.
