Starbucks says its NFT rewards program should end.
International coffee chain Starbucks has announced that it has completed a program that allows customers to access and purchase digital collectible stamps.
In a recent statement, Starbucks' “Odyssey Beta Program” will end on March 31. The program allows users to complete coffee-themed games and challenges in exchange for digital stamps to earn new benefits and interactive experiences.
Additionally, the marketplace where users can trade their digital stamps and the community decor server will be shut down.
“Odyssey Marketplace will migrate to Nifty Marketplace. You can continue to buy, sell and transfer Odyssey stamps on Nifty Marketplace.
It's unclear why Starbucks decided to shut down the program, and it's uncertain whether another Web3 development will replace it.
However, the company “must prepare for what's to come as we continue to develop the program,” it said.
Starbucks launched the program in November 2022 at a challenging time for the crypto industry. This happened after the Terra-Luna ecosystem collapsed in May 2022, Celsius crashed in July 2022, and before the recent collapse of the main crypto exchange FTX.
When Starbucks launched the program, it chose the Polygon network over blockchains because of their lower power consumption.
“Starbucks uses the more energy-efficient “proof of proof” technology developed by Polygon, which uses much less energy than first-generation “proof-of-work” blockchains,” the statement pointed out.
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Game retailer GameStop announced its decision to close its NFT marketplace in January after a series of cuts to its crypto services over the past two years.
Meanwhile, around last year, tech giant Meta activated its NFT features on its social media platforms, Facebook and Instagram. This comes 10 months after the merger was first launched.
In December 2023, Cointelegraph asked several Web3 executives how they predicted the NFT market in 2024.
“2024 will see NFTs evolve into useful tools with real-world applications,” predicts Vineet Buki, CEO of Web3 venture firm Cipher Capital.
Altava Group Chief Marketing Officer O Tongsrinon – which connects luxury fashion brands to Web3 – told Cointelegraph that NFTs are more than profile pictures (PFPs): “We've always been a big believer in PFPs when NFTs have off-the-shelf utilities and value.
This year will see NFTs being implemented in industries such as precious metals and real estate.
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