Starbucks Ends NFT Program to Pave Way for New Ventures
Global coffee giant Starbucks has announced the termination of its digital collectible stamps program, making way for fresh initiatives.
The “Odyssey Beta program” will conclude on March 31, according to a recent statement. This program engaged users in coffee-themed games and challenges, rewarding them with digital stamps usable for accessing new benefits and interactive experiences.
The marketplace for trading digital stamps and the community Discord server will also close down, with users directed to transition to the Nifty marketplace.
The rationale behind Starbucks’ decision remains undisclosed, leaving uncertainty over future Web3 developments. However, the company emphasized the need to prepare for ongoing program evolution.
Starbucks initially launched the program in September 2022 amidst a turbulent period for the crypto industry, opting for the Polygon network due to its lower energy consumption compared to proof-of-work blockchains.
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Notably, Starbucks’ move follows similar actions from other corporations. GameStop recently shuttered its NFT marketplace, while tech giant Meta discontinued NFT features on its social media platforms.
Predictions for the NFT market in 2024 vary among Web3 executives. Vineet Budki, CEO of Cypher Capital, anticipates NFTs evolving into valuable tools with real-world applications, while Oh Thongsrinoon, CMO of Altava Group, sees NFTs expanding into industries like precious metals and real estate.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
