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