Starbucks to End NFT Rewards Program, Transitions to Nifty Marketplace
Summary:
Starbucks is discontinuing its "Odyssey Beta program," which allowed customers to earn and trade digital tokens known as non-fungible tokens (NFTs) through coffee-themed games and challenges. The marketplace for trading these digital tokens and the associated community discord server will also be shut down. The program, launched in November 2022, will transition to the Nifty marketplace. The reason for ending the program remains uncertain, and it's unclear if a new Web3 development will replace it. Starbucks implemented Polygon's energy-efficient proof-of-stake blockchain technology for this program.
International coffee company, Starbucks, has confirmed it will discontinue its program that allowed customers to earn and exchange digital tokens known as non-fungible tokens (NFTs), making space for fresh initiatives. As per a recent announcement, the "Odyssey Beta program" operated by Starbucks will cease at the end of March. The scheme permitted participants to partake in coffee-related activities and tasks in exchange for digital tokens that unlocked new benefits and interactive experiences.
Moreover, both the platform where participants would trade their digital tokens and the community discord channel are set to close. “The Odyssey platform will make a transition to the Nifty platform, where the buying, selling, and transferring of Odyssey stamps will continue,” read the announcement.
Though the reasons for terminating the program by Starbucks are not clear yet, and whether a subsequent Web3 development will replace it remains to be seen. But the company mentioned that it needs to "get ready for the next phase as we keep enhancing the program."
This program was introduced by Starbucks in November 2022, at a time when the crypto sector was facing stiff challenges. The roll-out happened post-collapse of the Terra-Luna system in May 2022, the crash of Celsius in July 2022, and right before the impending collapse of the main crypto trading platform FTX.
Starbucks, when initiating the program, preferred the Polygon network over proof-of-work blockchains due to its lower energy utilization. “Starbucks will implement the more energy efficient proof-of-stake blockchain technology created by Polygon, which uses significantly less energy than the initial proof-of-work blockchains," was stated in the announcement.
Related: Drop in NFTs as ETH surges, Readyverse introduces metaverse game trailer: Nifty Newsletter
It was only in January when GameStop, the gaming retailer, stated its decision to shut its NFT platform, following a series of reductions in its crypto services for the past two years.
Simultaneously, around the same time the previous year, Tech giant Meta withdrew its NFT features from its social media websites, Facebook and Instagram. This withdrawal occurred merely 10 months after these services were first introduced.
In December 2023, Cointelegraph posed a question to several Web3 leaders about their predictions on how the NFT market will fare this year.
Vineet Budki, the CEO of Cypher Capital, a Web3 venture firm, envisions that “2024 will witness NFTs growing into valuable instruments with practical applications".
According to Oh Thongsrinoon, Chief Marketing Officer at Altava Group — which blends luxury fashion labels with Web3 — believes that NFTs are more than just profile pictures: “We have always had faith in NFTs possessing utilities and value that go beyond just being a profile picture”. He anticipates NFTs being incorporated into sectors like precious metals and real estate.
Magazine: Could this be the greatest NFT collection worldwide? – DCinvestor, NFT Collector.
Published At
3/17/2024 4:19:39 AM
Disclaimer: Algoine does not endorse any content or product on this page. Readers should conduct their own research before taking any actions related to the asset, company, or any information in this article and assume full responsibility for their decisions. This article should not be considered as investment advice. Our news is prepared with AI support.
Do you suspect this content may be misleading, incomplete, or inappropriate in any way, requiring modification or removal?
We appreciate your report.