Starbucks Closes NFT Rewards Program – Global Village Space
Starbucks NFT Rewards Program Comes to an End
Starbucks, the popular coffee chain, made waves in late 2022 when it launched its NFT rewards program called Starbucks Odyssey. However, it seems that the program will never leave its beta phase as Starbucks has announced its closure. The news has surprised many who saw the program as a significant step for NFTs.
Starbucks Odyssey was introduced as a closed, invite-only beta program that allowed users to participate in “themed activities” called Journeys to earn NFTs and reward points. These activities included online games and quizzes. However, according to a recently updated FAQ on the official Starbucks Odyssey website, the program will officially end on March 31. Users have until March 25 to complete any remaining Journeys.
The closure of Starbucks Odyssey raises questions about the future of NFTs and the crypto industry as a whole. While Bitcoin’s value has seen a minor resurgence in recent months, retail investors remain wary after the 2022 crypto crash and FTX’s demise. NFTs, in particular, have yet to show signs of a potential comeback. Even social media platforms like Facebook and Instagram have removed NFT-related features they had added in anticipation of a Web3 boom.
For those who saw Starbucks Odyssey as a sign of NFT brand building expanding, the closure of the program came as a surprise. In an interview with TechCrunch, Starbucks Odyssey’s community lead Steve Kaczynski expressed his expectation for further growth in the NFT space. Unfortunately, Kaczynski himself lost his job as a result of the program’s closure.
Despite the closure of Starbucks Odyssey, users will still be able to hold, trade, buy, or sell the Polygon blockchain-based NFTs received through the program. These NFTs can be exchanged on the Nifty Gateway NFT marketplace.
The closure of Starbucks Odyssey marks a setback for the NFT space but also raises broader questions about the future of NFTs and the crypto industry. While Starbucks had initially shown interest in Web3 and NFTs, their decision to close the program suggests a shift in priorities. Only time will tell how this will impact the future of NFTs and whether other major companies will follow suit in abandoning their NFT ventures.