Following other large corporations in the past year, Starbucks has decided to discontinue its NFT rewards programme.
Starbucks, the global coffee giant, has declared that it will be discontinuing its digital collection stamp programme, which allowed users to purchase non-fungible tokens (NFTs) and earn them. This move was made to make way for new projects.
The “Odyssey Beta programme” at Starbucks is set to end on March 31, per a recent announcement. For digital stamps that could be redeemed for further advantages and interactive activities, users may participate in games and challenges with a coffee theme. Also closing are the community Discord server and the marketplace where people exchanged their
“The Odyssey market will change to become the Nifty market. On the Nifty marketplace, Odyssey stamps are still available for purchase, sale, and transfer.
It is unclear why Starbucks decided to end the programme, and it is also unclear if they would replace it with another Web3 project.
But the organisation needs to “get ready for the next phase as we keep improving the programme,” it was mentioned.
In September 2022, during a difficult time for the cryptocurrency market, Starbucks announced the programme. This occurred following the collapses of the Terra-Luna ecosystem in May 2022, Celsius in July 2022, and shortly before the impending failure of FTX, a significant cryptocurrency exchange.
Because the Polygon network uses less energy than proof-of-work blockchains, Starbucks chose it when the programme was first introduced.
“Polygon has developed a proof-of-stake” blockchain technology that is more energy-efficient than first-generation “proof-of-work” blockchains, and Starbucks will be utilising it,” the statement said.
Only in January did the video game store GameStop declare that it will be closing its NFT marketplace, following two years of reductions in its cryptocurrency offerings.
Around the same time last year, Facebook and Instagram users were no longer able to access the NFT capabilities on the social networking giant Meta’s platform. Only ten months had passed since the integrations’ first release.
Several Web3 executives shared their predictions for the development of the NFT business in 2024 in December 2023.
“2024 will see NFTs mature into valuable tools with real-world applications,” according to Vineet Budki, CEO of Web3 venture capital firm Cypher Capital.
NFTs are more than just profile photographs (PFPs), according to Oh Thongsrinoon, chief marketing officer of Altava Group, which links high-end fashion labels with Web3. “We have always been strong proponents of NFT having benefits and worth above and beyond PFPs.”This year, he sees NFTs being applied in sectors such as real estate and precious metals.