Starbucks, the globally recognized coffee chain, has opted to discontinue its NFT rewards program, officially ending the “Odyssey Beta program” on March 31, as per a recent announcement.
This initiative allowed patrons to engage in coffee-themed activities, earning digital collectible stamps in the form of non-fungible tokens (NFTs) for exclusive benefits and interactive experiences.
In addition to shutting down the marketplace for trading digital stamps, Starbucks will close its community discord server. However, the Odyssey marketplace will transition to the Nifty marketplace, enabling users to continue transactions on the new platform.
While Starbucks hasn’t disclosed the exact reasons behind ending the program, they cited a need to prepare for upcoming ventures and program evolution.
Launched in September 2022 during a tumultuous period in the cryptocurrency industry, the Odyssey program chose the Polygon network for its lower energy consumption compared to other blockchains.
Starbucks’ decision aligns with a trend of companies stepping back from the NFT space. GameStop closed its NFT marketplace in January after reducing crypto services, while Meta (formerly Facebook) and X (formerly Twitter) also terminated their NFT features.
Regarding the future of NFTs, industry experts hold diverse opinions. Some anticipate NFTs evolving into valuable tools with real-world applications, while others foresee expansion into industries beyond digital art, such as precious metals and real estate.
Despite fluctuations, the NFT market has shown signs of growth, with trading volumes and sales reaching significant milestones in recent months, indicating ongoing interest and investment in NFTs.