Starbucks, one of the world’s largest coffee chains, has decided to shut down its Web3-based rewards program called Odyssey. The initiative, which allowed members to collect non-fungible tokens(NFTs) tied to coffee, proved to be a failure. Starbucks’ decision to abandon coffee NFTs comes after the program was launched in beta in 2022, when interest in NFTs was peaking.
The decline of NFTs
In recent years, NFTs have become extremely popular. These are unique tokens that represent digital assets, such as images, videos, music or any other form of digital content. NFTs are registered on a blockchain, which means they can be owned, traded or sold. However, enthusiasm for NFTs has been waning in recent times, and many companies have been forced to rethink their strategies.
Starbucks’ initiative
Starbucks launched its Web3-based rewards program called Odyssey in 2022, when interest in NFTs was peaking. The goal of Odyssey was to offer Starbucks members the opportunity to collect coffee-related NFTs through coffee-related activities and games. However, unlike other large brand initiatives related to NFTs, Starbucks seemed to be aiming for more than just an attempt to earn easy money. The program was focused on the community element, encouraging interaction among members and offering them the opportunity to meet in real life.
Starbucks’ mistake
Despite Starbucks’ efforts, the Odyssey initiative turned out to be a failure. The coffee chain came late to the world of NFTs, when interest in these tokens was already waning. Many people had already lost interest in NFTs and moved on to other trends. In addition, the odyssey focused on the game and activity aspect, which may not have met members’ expectations. Many users may have preferred a simple collection of NFTs without having to participate in coffee-related games or activities.
The end of Odyssey
Starbucks announced that the Odyssey program will be closed on March 31. Members will have one more week to complete the remaining activities, after which the program will be discontinued. However, members will not lose their NFTs, called Stamps, which are hosted on Nifty Gateway. They will simply need to register on Nifty using their Starbucks rewards program email address to access their Stamps.
The future of NFT coffees
Despite Starbucks’ mistake with the Odyssey initiative, NFT coffees may still have a future. Many artists and creators continue to create and sell coffee-related NFTs. In addition, other companies may decide to launch similar initiatives in the future, taking a cue from Starbucks but trying to avoid their mistakes. The world of NFTs is still evolving and many possibilities remain to be explored.