Starbucks Ends Odyssey Beta Program, NFT-Based Rewards

Bittime - Starbucks, the multinational coffee shop giant, announced the discontinuation of their NFT (Non-Fungible Token) based rewards program, Odyssey Beta. This program allows customers to collect and purchase digital collectibles in the form of NFTs in exchange for their participation in coffee-themed activities.

Odyssey Beta Program Termination

According to Starbucks' official statement, the Odyssey Beta program will officially end on March 31, 2024. Through this program, users can take part in coffee-themed games and challenges to earn digital "journey stamps" (NFT) which can be used to access various benefits and other interactive experiences.

In addition to the Odyssey Beta program, the marketplace where users trade their digital collectibles, as well as the Odyssey community Discord server will also be closed. However, Starbucks stated that the Odyssey marketplace will switch to the Nifty marketplace. Users can still buy, sell and transfer their Odyssey collections on the Nifty marketplace.

Check Today's Crypto Market:

Reason for Termination Remains Unclear

The reason why Starbucks is discontinuing the Odyssey Beta program has not yet been officially disclosed. There is no confirmation yet whether Starbucks will turn to other Web3 developments to replace this program. Starbucks' official statement only said that the company would prepare for what's next while continuing to develop the program.

Also Read: What are NFT Royalties?

Launching in the Midst of Crypto Difficult Times

The Odyssey Beta program launched in September 2022, just as the crypto industry was facing various challenges. Several important events occurred at that time, such as the collapse of the Terra ecosystem (May 2022), the collapse of the Celsius crypto lending platform (July 2022), and the approaching bankruptcy of the FTX crypto exchange.

Interestingly, when launching Odyssey Beta, Starbucks chose the Polygon network, an energy-efficient blockchain technology, over the more conventional proof-of-work blockchain. Starbucks will use more energy-efficient proof-of-stake blockchain technology built by Polygon, which uses much less energy compared to first-generation proof-of-work blockchains.

Also Read: How to Value NFT Assets?

Starbucks Follows in the Footsteps of Other Giant Companies

Starbucks' decision is in line with similar steps taken by other large companies in the past year. In January 2024, gaming retailer GameStop announced the closure of their NFT marketplace after making a series of cuts to their crypto services over the past two years.

Around the same time in 2023, tech giant Meta discontinued the NFT feature on their social media platforms, Facebook and Instagram. This outage comes just 10 months after the NFT integration first launched.

Also Read: NFT Investment, Is It Profitable?

The Future of NFTs: Utility and Real Applications

Even though several large companies are starting to leave the NFT space, Web3 players' views regarding the future of NFTs are still optimistic. Vineet Budki, CEO of Web3 venture capital firm Cypher Capital, predicts that 2024 will be the year NFTs become a valuable tool with real applications in the world.

A similar view was expressed by Oh Thongsrinoon, Chief Marketing Officer of Altava Group, a company that connects luxury fashion brands with Web3. According to him, NFTs are more than just a profile picture (PFP). Oh Thongsrinoon predicts the application of NFTs in various industries such as precious metals and real estate by 2024.

Starbucks' decision to end the Odyssey Beta program signals a shift in views towards NFTs among large companies. However, predictions from Web3 players show that NFT technology still has the potential to develop by offering real utility and applications in various sectors.

Also Read How to Buy Crypto:

Impact of Discontinuing the Odyssey Beta Program

Discontinuing Starbucks' Odyssey Beta program could have several impacts, both for users and for Starbucks.

For Users:

• Users will no longer be able to earn new “journey stamp” NFTs.
• The Odyssey Marketplace and Odyssey community Discord servers will be shut down, so users will no longer be able to trade their digital collectibles or interact with the community.
• Users who already have an Odyssey digital collection can still store it in their wallet.

For Starbucks:

• Starbucks can focus on developing new programs and services that better align with their business strategy and goals.
• Starbucks can save costs associated with developing and managing the Odyssey Beta program.
• Starbucks can avoid potential risks associated with the volatility of the NFT market.

For the NFT Industry:

• The discontinuation of the Odyssey Beta program could be a negative signal for the NFT industry and could reduce investor and user interest.
• This outage may encourage other companies to reconsider their NFT strategies.
• On the other hand, positive predictions from Web3 players show that the NFT industry still has the potential to develop.

The termination of Starbucks' Odyssey Beta program signals a change in the company's strategy and focus on NFT technology. Despite this, the NFT industry still has the potential to grow by offering real utility and applications in various sectors. Web3 players are optimistic that 2024 will be the year where NFTs show their real value and benefits in the world.

Check Crypto Prices Today:

How to Buy Crypto with Bittime

You can buy and sell crypto assets in an easy and safe way via Bittime . Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti. 

To be able to buy crypto assets on 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 Complete Guide How to Buy Crypto on Bittime . 

Monitor price chart movements of Bitcoin (BTC) , Ethereum (ETH) , Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.

Also Read: 

NFT Marketplace: NFT Buying and Selling Gateway

NFT: NFT Latest Development Report

NFT Pricing Strategy: How Can NFT Prices Reach Maximum Value?

DISCLAIMER : This article is informational in nature and is not an offer or invitation 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.