_ The NFT rewards program offered by Starbucks will no longer be available-min
Press Release

The NFT rewards program offered by Starbucks will no longer be available

Last year, several large corporations also decided to end their NFT reward systems as with Starbucks.

Starbucks is ending its “Odyssey Beta” program which allowed customers to earn and trade coffee-themed digital collectible stamps called non-fungible tokens (NFTs). The crypto-based program that was launched in September 2022 will finally end on March 31, 2024.

For example, the Odyssey Beta program enabled users to play coffee-related games and compete in challenges for NFT stamps that unlocked benefits and interactive experiences. On top of that, these stamps were tradable on a dedicated marketplace. However, with the closure of this marketplace and others such as community Discord servers when it is over.

Though Starbucks has not explicitly explained why they are discontinuing the program, it stated a need to “evolve the program” and create space for new ones. But it is also uncertain whether there could be another Web3 project. Instead of using power-intensive proof-of-work chains, Starbucks chose Polygon’s more energy-efficient proof-of-stake blockchain when Odyssey Beta started.

Starbucks followed suit with other companies minimizing their NFT and crypto involvements; GameStop ceased its NFT marketplace after downsizing its crypto operations in January 2024. Similarly, Meta closed down its NFT features on Facebook and Instagram approximately 10 months after launch in March 2023.

However, some observers remain optimistic about the future value of NFTs. The executives from Web3 predicted that by next year (December 2023) they would have become valuable tools instead of just profile pictures used for online identity; precious metals or real estate may be two distinct examples.

Vineet Budki from Cypher Capital, alongside Oh Thongsrinoon who works at Altava Group, expects that this year will see new use cases emerge for NFTs leveraging their ability to demonstrate physical ownership or the genuineness of virtual assets.

Even though Starbucks has exited now it does not mean however NFT adoption trajectory or utility in 2024 is no longer being debated by industry stakeholders.

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