Starbucks Stops NFT Odyssey Beta Program, Focuses On New Programs

Starbucks, a multinational coffee shop chain, stop the non-fungible token program (NFT). (photo: x @starbucks)

JAKARTA - Starbucks, a multinational coffee shop network, announced the termination of a program that allows customers to obtain and purchase digital collection stamps in the form of non-fungible tokens (NFTs). The program was discontinued to pave the way for the company's new initiatives.

According to the latest official statement, Starbucks' "Odyssey Beta" program will end on March 31. This program allows users to follow coffee-themed games and challenges in exchange for digital stamps that can be used to access new interactive benefits and experiences.

In addition, the marketplace where users trade their digital stamps, as well as the server Discord community will be closed.

"The Odyssey marketplace will switch to Nifty marketplace. You can continue to buy, sell and transfer Odyssey stamps to Nifty marketplaces," Starbucks said.

The reason behind Starbucks' decision to end the program remains unclear, and it is uncertain whether other Web3 developments will replace it. However, it is stated that the company must prepare for what will happen next as it continues to "develop programs".

Starbucks launched the program in September 2022, during a challenging period for the crypto industry. This comes after the Terra ecosystem collapsed in May 2022, the Celsius crypto loan platform collapsed in July 2022, and just before the collapse of the major FTX crypto exchange.

When launching Odyssey Beta, Starbucks chose the Polygon network over the proof-of-work blockchain because of its lower energy consumption.

"Starbucks will use a more energy efficient 'proof-of-stake' blockchain technology built by Polygon, which uses much less energy than the first generation 'proof-of-work' blockchain," Starbucks said.

In January, game retailer GameStop announced its decision to close its NFT marketplace after a series of cuts in their crypto services over the past two years.

Meanwhile, around this time last year, the Meta tech giant stopped its NFT features across its social media platforms, Facebook and Instagram. This happened just 10 months after integration was first launched.

Vineet Budki, CEO of venture company Web3 Cypher Capital, estimates that "2024 will see mature NFT become a valuable tool with real-world apps".

Oh Thongsrinoon, head of marketing Altava Group - which connects luxury fashion brands with Web3 - said that NFT is more than just a profile picture (PFP). "We always believe in NFTs that have utility and value beyond just PFP," said Thongsrinoon, quoted by VOI from Cointelegraph. He saw NFT applied to industries like precious metals and real estate this year.