Starbucks Ends NFT Rewards Program, Paving the Way for New Ventures

CryptoNews.com

2024-03-17 01:00:17

Ruholamin Haqshanas

Last updated:

March 17, 2024 05:00 EDT | 2 min read

Starbucks, the renowned multinational coffee chain, has made the decision to terminate its NFT rewards program.

The program, known as the “Odyssey Beta program,” will officially conclude on March 31, according to a recent statement

The initiative allowed customers to participate in coffee-themed games and challenges, earning digital collectible stamps in the form of non-fungible tokens (NFTs) that could be used to access exclusive benefits and interactive experiences.

Alongside the closure of the marketplace where users traded their digital stamps, Starbucks’ community discord server will also be shut down

However, the company announced that the Odyssey marketplace will transition to the Nifty marketplace, enabling users to continue buying, selling, and transferring their Odyssey stamps on the new platform.

Starbucks Terminates NFT Program to Perpare for New Ventures

The reasons behind Starbucks’ decision to terminate the program remain undisclosed.

Nevertheless, the company stated the need to “prepare for what comes next as we continue to evolve the program.”

Starbucks first launched the Odyssey program in September 2022, a challenging period for the cryptocurrency industry

It was introduced following significant collapses within the Terra-Luna eco, Celsius, and the impending collapse of major crypto exchange FTX

When creating the program, Starbucks opted for the Polygon network due to its lower energy consumption compared to proof-of-work blockchains.

The move by Starbucks follows a trend of companies discontinuing their involvement in the NFT space

In January, gaming retailer GameStop announced the closure of its NFT marketplace after scaling back its crypto services over the past two years

Similarly, tech giant Meta (formerly Facebook) terminated its NFT features across its social media platforms, Facebook and Instagram, just 10 months after their initial integration.

More recently, X (formerly Twitter), under the ownership of Elon Musk, discontinued a feature that allowed premium users to use NFT images as their profile pictures.

What Does the Future Hold for NFTs?

Looking ahead, industry experts have varying predictions for the future of the NFT market in 2024

Vineet Budki, CEO of Web3 venture firm Cypher Capital, anticipates that NFTs will mature into valuable tools with real-world applications

Meanwhile, Oh Thongsrinoon, chief marketing officer of Altava Group, which connects luxury fashion brands with Web3, believes that NFTs will extend beyond being mere profile pictures (PFPs)

Thongsrinoon envisions the implementation of NFTs in industries such as precious metals and real estate throughout the year.

It is worth noting that the market for NFTs has been on an upward movement recently amid the recovery in crypto prices.

In October, NFT trading volume surged by $99 million, reaching $405 million, signifying levels of sales not seen since August.

Likewise, sales of NFTs 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, both setting the highest single-month records to date.

This page may contain third-party content, which is provided for information purposes only (not representations/warranties) and should not be considered as an endorsement of its views by Gate, nor as financial or professional advice. See Disclaimer for details.