Starbucks Ends NFT Program: Odyssey Beta to Close on March 31
Starbucks has announced the discontinuation of its Odyssey Beta program, an extension of its rewards system that focused on non-fungible tokens (NFTs). In an official blog post, the American multinational coffee chain stated that the program โmust come to an end to prepare for what comes next as we continue to evolve.โ
The Starbucks Odyssey Beta program will officially close on March 31. However, the companyโs NFTs, known as Stamps, will still be accessible on Nifty Gateway, a curated NFT platform. The Odyssey marketplace will transition to the Nifty marketplace, and Stamps can be transferred to external wallets and traded on other marketplaces.
Additionally, Starbucks Odyssey will shut down its Discord server on March 19. The company has assured its community members that it is working on creating a new space for them to connect in the future.
Starbucksโ Decision and Future Plans
Starbucks expressed excitement about what lies ahead after the closure of the Odyssey Beta program. The company thanked its users for their consistent engagement and feedback and stated that it looks forward to bringing these learnings to a broader audience.
The decision to end the NFT program may not come as a surprise, considering Starbucksโ previous struggles in selling out its Starbucks First Store Collection. The collection, which was initially priced at $100 per token, failed to sell out in April 2023.
NFT Mints on Ethereum at Historic Lows
The closure of Starbucksโ NFT program coincides with a period of low activity in NFT mints on Ethereum. According to data from The Block, NFT mints have been trending towards historic lows recently.
Hot Take: Starbucks Bids Farewell to NFTs
Starbucksโ decision to end its Odyssey Beta program and discontinue its NFT-related endeavors marks a significant development in the crypto world. Here are some key takeaways:
The End of the Odyssey Beta Program
- Starbucks has announced the closure of its Odyssey Beta program, which focused on non-fungible tokens (NFTs).
- The program will officially shut down on March 31, with the company planning to evolve and explore new initiatives.
Stamps and Nifty Gateway
- Starbucksโ NFTs, called Stamps, will still be accessible on Nifty Gateway, a curated NFT platform.
- The Starbucks Odyssey marketplace will transition to the Nifty marketplace.
- Stamps can be transferred to external wallets and traded on other marketplaces like any other NFT.
Discord Server Shutdown
- The Starbucks Odyssey Discord server will be shut down on March 19, but plans are in place to create a new community space in the future.
- The company values its communityโs input and engagement and aims to continue fostering connections among its members.
Looking Forward
- Starbucks expressed excitement about what comes next after the end of the Odyssey Beta program.
- The company is grateful for its usersโ consistent engagement and feedback and aims to share the learnings with a broader audience.
Low NFT Mints on Ethereum
- Starbucksโ decision coincides with a period of historic lows in NFT mints on Ethereum, as reported by The Blockโs data.
- This trend suggests a temporary slowdown in the NFT market, which may impact Starbucksโ NFT-related initiatives.
In conclusion, Starbucksโ decision to end its Odyssey Beta program and focus away from NFTs reflects the evolving nature of the crypto landscape. As the company explores new opportunities, it remains committed to its community and looks forward to what lies ahead.
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