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Starbucks Terminates NFT Program
Starbucks, the renowned multinational coffee chain, has made the decision to terminate its NFT rewards program. The program, known as the “Odyssey Beta program,” will officially conclude on March 31, according to a recent statement.
End of the Odyssey Beta Program
The initiative allowed customers to participate in coffee-themed games and challenges, earning digital collectible stamps in the form of non-fungible tokens (NFTs) that could be used to access exclusive benefits and interactive experiences. Alongside the closure of the marketplace where users traded their digital stamps, Starbucks’ community discord server will also be shut down.
Transition to Nifty Marketplace
However, the company announced that the Odyssey marketplace will transition to the Nifty marketplace, enabling users to continue buying, selling, and transferring their Odyssey stamps on the new platform.
Reasons Behind the Decision
The reasons behind Starbucks’ decision to terminate the program remain undisclosed. Nevertheless, the company stated the need to “prepare for what comes next as we continue to evolve the program.”
Industry Trends
The move by Starbucks follows a trend of companies discontinuing their involvement in the NFT space. In January, gaming retailer GameStop announced the closure of its NFT marketplace after scaling back its crypto services over the past two years. Similarly, tech giant Meta (formerly Facebook) terminated its NFT features across its social media platforms, Facebook and Instagram, just 10 months after their initial integration.
Future of NFTs
Looking ahead, industry experts have varying predictions for the future of the NFT market in 2024. Vineet Budki, CEO of Web3 venture firm Cypher Capital, anticipates that NFTs will mature into valuable tools with real-world applications. Meanwhile, Oh Thongsrinoon, chief marketing officer of Altava Group, believes that NFTs will extend beyond being mere profile pictures (PFPs).
Market Trends
It is worth noting that the market for NFTs has been on an upward movement recently amid the recovery in crypto prices. In October, NFT trading volume surged by $99 million, reaching $405 million, signifying levels of sales not seen since August. Likewise, sales of NFTs on the Bitcoin (BTC) network reached a new milestone in December 2023, surpassing $881 million for the first time ever. This included 111,713 buyer addresses and 98,744 seller addresses, both setting the highest single-month records to date.
Ian is a cryptocurrency enthusiast blending humor with professionalism. With an engineering background and a storyteller's heart, he simplifies the blockchain world with sharp analysis and a touch of wit. At Cryptowire, he brings his unique perspective to make digital financial innovation accessible to all.
