Bittime - Global coffee giant Starbucks announced the termination of its "Odyssey Beta" program, a non-fungible token (NFT) based rewards platform that launched in September 2022. This decision marks the end of the program's beta period on March 31.
The Odyssey Beta program allows Starbucks customers to collect and trade digital stamps in the form of NFTs. These stamps are earned by participating in various coffee-themed games and challenges. Users can then use these stamps to access various benefits and interesting interactive experiences.
The closure of this program marks a shift in Starbucks strategy in the Web3 era . The reasons behind this decision have not been fully revealed, but several external factors are likely to be the cause.
Starbucks Uses Polygon Network for NFTs
The launch of Odyssey Beta coincides with a period of turbulence in the crypto industry. The collapse of the Terra ecosystem in May 2022, the crypto lending platform Celsius in July, and the collapse of the FTX crypto exchange shortly after, illustrate the volatile crypto climate at that time.
In the midst of this situation, Starbucks selected the Polygon network , an energy-efficient "proof-of-stake" blockchain technology, for its Odyssey Beta program. This shows the company's commitment to environmental sustainability and energy efficiency.
However, the volatile state of the crypto industry appears to be one of the factors that prompted Starbucks to revisit its Web3 strategy. The closure of the Odyssey Beta program signals that the company wants to be careful about moving forward in the Web3 era.
Check Today's Crypto Market:
After NFT, Web3 Becomes Starbucks' Focus
Even though Starbucks is closing the Odyssey Beta program, the future of NFTs and Web3 still looks bright. Web3 venture firm Cypher Capital CEO Vineet Budki predicts that “2024 will see NFTs evolve into valuable tools with real-world applications.”
A similar view was expressed by Oh Thongsrinoon, head of marketing at Altava Group, a company that connects luxury fashion brands with Web3. According to him, NFTs are more than just a profile picture (PFP). "We have always believed that NFTs have utility and value beyond just PFPs," he said. He even sees the potential for implementing NFTs in industries such as precious metals and real estate this year.
Also Read How to Buy Crypto:
Starbucks Adapts and Innovates in the Web3 Era
Starbucks' decision to close the Odyssey Beta program shows that the company is committed to adapting to dynamic industry developments. The closure of this program does not mean Starbucks is leaving Web3, but rather opens up opportunities for exploration of better loyalty programs in the future.
Starbucks has a large and loyal customer base all over the world. This provides a strong foundation for companies to continue to innovate in the Web3 era. By understanding customer needs and preferences, Starbucks can deliver more engaging and rewarding loyalty programs in the future.
The closure of the Odyssey Beta program marks a new chapter for Starbucks in the Web3 era. The future of NFTs and Web3 is still full of potential, and Starbucks is ready to adapt and innovate to continue providing the best experience for its customers.
Check Crypto Prices Today:
How to Buy Polygon (MATIC) on Bittime
You can buy and sell Polygon (MATIC) in an easy and safe way via Bittime . Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti.
Polygon (MATIC) is available on Bittime with the market pair MATIC/IDR . To be able to buy MATIC/IDR at Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application.
Learn the complete guide on how to buy Polygon (MATIC) on Bittime.
Monitor price chart movements for Polygon (MATIC) , Ethereum (ETH) , Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.
Also Read:
Bitcoin Mining in the Halving Era: Gloomy Future or Bright Light?
A New Era of Crypto Lending: Kelexo (KLXO) Attracts the Attention of Tether (USDT) and Ripple (XRP)
ETH Price: 15,000 Ethereum Suddenly Change Hands During Dencun Upgrade?
DISCLAIMER: This article is informational in nature and is not an offer or solicitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.
Comments
0 comments
Please sign in to leave a comment.