News

Starbucks Ends NFT Program

Starbucks’ “Odyssey Beta program” which allowed users to engage in coffee-themed games and challenges in return for digital collectable NFT stamps will wind up on March 31.

Starbucks Ends NFT Program

International coffee chain Starbucks announced it was ending its Odyssey initiative combining a loyalty program with interactive digital Web3 experiences.

The program that launched in late 2022 enabled customers to play coffee-themed games and challenges and earn or buy digital collectable stamps in the form of non-fungible tokens (NFTs).

In a dedicated statement, Starbucks explained that the “Odyssey Beta program” will come to an end on March 31. Furthermore, the marketplace where users could trade their digital stamps, as well as the community discord server, will shut down. Odyssey stamps will be further exchanged on the third-party Nifty Gateway marketplace.

Starbucks didn’t explain the reasoning behind its decision to shut down the program except for its desire to make room for new initiatives. As for the community members, the firm stated that it looks to evolve the program and is working “to have a place for members to connect in the future”.

It has recently become known that Bank of America and Starbucks rolled out a joint rewards program where customers can get more benefits by linking their bank accounts to the coffee chain loyalty program.

The Starbucks rewards program was launched in 2009. Currently, the number of participants in this program is 34.3 million active users for 90 days. This is a record indicator, which is 13% higher than last year’s figure.

The closing Web3-based rewards program was the coffee retail giant’s effort to introduce new methods of emotionally engaging customers within its loyalty program. However, its recent step-back decision is in line with similar moves by other major companies made within the last year.

For example, Meta wound down its short-lived NFT support service across its social media platforms, Facebook and Instagram last spring, while GameStop closed its NFT marketplace this January.

Nina Bobro

1429 Posts 0 Comments

https://payspacemagazine.com/

Nina is passionate about financial technologies and environmental issues, reporting on the industry news and the most exciting projects that build their offerings around the intersection of fintech and sustainability.