Starbucks to End NFT Rewards Program by March 31st
Starbucks has recently announced its decision to discontinue its NFT rewards program, known as the Starbucks Odyssey Beta program. This program, which was launched during the bear market in 2022, allowed Starbucks customers to earn rewards in the form of digital collectibles. However, the multinational coffee brand will be pulling back the program by March 31st, according to its official announcement.
The Starbucks Odyssey Beta Program: A Welcomed Development
The Starbucks Odyssey Beta program was initially well-received when it was launched. It provided users with coffee-themed challenges and games, allowing them to earn digital stamps as rewards for their participation. These stamps granted access to various benefits and exclusive experiences within the program.
Starbucks’ Decision Sparks Speculation
While Starbucks has not disclosed any specific reasons for ending its NFT rewards program, there has been speculation among crypto enthusiasts. Some have suggested that the company may be shifting its focus away from Web3 initiatives or exploring other opportunities within the crypto space.
Transition to Nifty Marketplace
In addition to discontinuing the Odyssey program, Starbucks also plans to shut down the Odyssey marketplace and its community Discord server. However, they have announced that the Odyssey marketplace will transition to the Nifty marketplace. Users will still be able to buy, sell, and transfer their Odyssey stamps on this platform.
Final Holder Benefits for Participants
Participants who have completed at least Level One in the Starbucks Odyssey Beta program will receive final holder benefits. The details of these benefits have not been disclosed by Starbucks yet, but participants can expect to receive an email with more information by the end of this month.
The Success of the Starbucks Odyssey Beta Program
The Starbucks Odyssey Beta program boasted approximately 58,000 active participants. Many users acquired NFTs from secondary markets to climb up the five-tiered system and enjoy the associated perks.
Deadline for Unfinished Journeys and Trading Stamps
Users have until March 25th to complete any unfinished journeys within the program. They can still trade their stamps on Nifty Gateway, but they must sign in using the email address associated with their Starbucks Rewards account. Furthermore, users are free to trade their NFTs on any Polygon marketplace and withdraw them to external wallets.
Starbucks Joins Other Giants in Cutting Back on Web3 Initiatives
Starbucks is not alone in its decision to scale back its Web3 initiatives. Earlier this year, gaming retailer GameStop closed down its marketplace after making several cutbacks on its crypto services. Meta, the parent company of Instagram and Facebook, also withdrew its NFT features from both platforms.
Hot Take: Starbucks Bids Farewell to NFT Rewards Program 🚀
This announcement by Starbucks marks the end of an era for their NFT rewards program. While it may come as a disappointment to some crypto enthusiasts, it highlights the evolving nature of businesses’ engagement with Web3 technologies. As giants like Starbucks explore new opportunities or shift their focus elsewhere, it will be interesting to see how the crypto landscape continues to evolve.
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