Other significant businesses have taken actions consistent with Starbucks’ decision to discontinue its NFT rewards program in the past year.
In order to make place for new projects, the international coffee business Starbucks has announced. That it is discontinuing its program that allowed users to acquire and purchase digital collectible stamps in the form of nonfungible tokens (NFTs).
A recent statement from Starbucks states that the “Odyssey Beta program” will end on March 31. Through the program, users could participate in coffee-themed games and tasks to earn digital stamps. Which they could redeem for new advantages and interactive experiences.
The community Discord server and the marketplace, where users exchange their digital stamps, will also close.
“The Odyssey marketplace will transition to the Nifty marketplace. You can continue to buy, sell, and transfer Odyssey stamps on the Nifty marketplace.”
It’s still unclear why Starbucks decided to end the effort, and it’s unclear if there will be another Web3 development in its stead.
But while it continues to “evolve the program,” the business needs to get ready for what’s next.
Starbucks’ NFT Program Amid Cryptocurrency Turmoil
The program was introduced by Starbucks in September 2022, a difficult time for the cryptocurrency market. This occurred just before the collapse of the significant cryptocurrency exchange FTX, following the collapse of the Terra ecosystem in May 2022 and the July 2022 crash of the crypto lending platform Celsius.
Starbucks chose the Polygon network over proof-of-work blockchains when it launched Odyssey Beta because of its lower energy consumption.
“Polygon has developed a proof-of-stake” blockchain technology that is more energy-efficient than first-generation “proof-of-work” blockchains, and Starbucks will be utilizing it,” the statement said.
Only in January did the video game store GameStop declare that it will be closing its NFT marketplace, following two years of reductions in its cryptocurrency offerings.
Around the same time last year, Facebook and Instagram users were no longer able to access the NFT capabilities on the social networking giant Meta’s platform. Only ten months had passed since the integrations’ first release.
Cointelegraph questioned a number of Web3 executives in December 2023 about their expectations for the NFT market’s development in 2024.
According to Vineet Budki, CEO of Web3 venture capital firm Cypher Capital. “NFTs will mature into valuable tools with real-world applications by 2024.”
NFTs are more than just profile photos (PFPs), according to Oh Thongsrinoon. Chief marketing officer of Altava Group, which links high-end fashion labels with Web3. She stated this to Cointelegraph. “We’ve always held the view that NFTs are valuable and have uses that go beyond PFPs.”
He believes that this year, NFTs will be used in sectors like as real estate and precious metals.
