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Starbucks, the well-known global coffee brand, has decided to discontinue its NFT rewards initiative.
The program, referred to as the “Odyssey Beta program,” is set to officially end on March 31, as stated in a recent announcement.
This initiative enabled customers to engage in coffee-themed games and challenges, earning digital collectible stamps represented as non-fungible tokens (NFTs) that could be redeemed for exclusive benefits and interactive experiences.
In addition to the closure of the marketplace where users exchanged their digital stamps, Starbucks’ community Discord server will also be deactivated.
However, the company revealed that the Odyssey marketplace will transition to the Nifty marketplace, allowing users to continue buying, selling, and transferring their Odyssey stamps on the new platform.
Starbucks Ends NFT Program to Prepare for New Opportunities
The rationale behind Starbucks’ choice to end the program has not been disclosed.
Nonetheless, the company expressed the necessity to “prepare for what comes next as we continue to evolve the program.”
Starbucks initially launched the Odyssey program in September 2022, during a challenging time for the cryptocurrency sector.
This launch followed significant downturns within the Terra-Luna ecosystem, Celsius, and the looming collapse of major crypto exchange FTX.
In developing the program, Starbucks selected the Polygon network due to its reduced energy consumption compared to proof-of-work blockchains.
This decision by Starbucks aligns with a trend of companies withdrawing from the NFT domain.
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In January, gaming retailer GameStop announced the closure of its NFT marketplace after scaling back its crypto services over the previous two years.
Similarly, tech giant Meta (formerly Facebook) discontinued its NFT features across its social media platforms, Facebook and Instagram, just 10 months after their initial rollout.
More recently, X (formerly Twitter), under Elon Musk’s ownership, eliminated a feature that allowed premium users to utilize NFT images as their profile pictures.
What Lies Ahead for NFTs?
Looking forward, industry experts have diverse forecasts for the NFT market in 2024.
Vineet Budki, CEO of Web3 venture firm Cypher Capital, expects that NFTs will evolve into valuable tools with practical applications.
Meanwhile, Oh Thongsrinoon, chief marketing officer of Altava Group, which connects luxury fashion brands with Web3, believes that NFTs will go beyond being simple profile pictures (PFPs).
Thongsrinoon envisions the application of NFTs in sectors such as precious metals and real estate throughout the year.
It is noteworthy that the NFT market has recently experienced an upward trend amid the recovery in cryptocurrency prices.
In October, NFT trading volume increased by $99 million, reaching $405 million, indicating sales levels not seen since August.
Similarly, NFT sales on the Bitcoin (BTC) network achieved a new record in December 2023, exceeding $881 million for the first time.
This included 111,713 buyer addresses and 98,744 seller addresses, both marking the highest single-month records to date.
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