KEY POINTS
Starbucks is shutting down its non-fungible token (NFT) rewards beta program, Odyssey.
The program, which aimed to provide loyal customers and Web3 enthusiasts with the opportunity to buy NFTs to earn real-life rewards, will officially close its doors by the end of this month, on March 31.
Starbucks has updated the FAQ section on the Odyssey website to provide details about the decision to shut down the program. Fans of the program will have until March 25 to complete their “Journeys,” while the Starbucks Discord channel will close on March 19.
Following the closure, the Odyssey marketplace will transition to the Nifty marketplace, where fans and holders can continue to trade their NFT Stamps.
Although Starbucks did not disclose specific details regarding the shutdown, the company mentioned that the program “must come to an end to prepare for what comes next as we continue to evolve the program.”
Despite the closure of the Odyssey program, Starbucks hinted at the possibility of future endeavors in the Web3 space, stating, “We are thankful to have had this opportunity to test into these different ways of driving community and loyalty at Starbucks and we look forward to bringing these learnings to a broader audience.”
Starbucks first introduced the Odyssey NFT-based loyalty program in 2022, rolling out its beta version in December of that year. The program gained traction with its inaugural NFT collection, “The Siren Collection,” which sold out within 20 minutes in March 2023. Subsequent NFT drops paid homage to Starbucks’ history and top-selling products, such as the Pumpkin Spice Latte.
While the program initially saw success in terms of engagement, it may have struggled amid market downturns. The NFT market faced challenges in 2023, including legal uncertainty and decreased traction, leading to the closure of numerous projects. Several high-profile projects, including GameStop’s marketplace and X (Twitter)’s NFT features, were discontinued.
Signs of a market revival emerged only towards the end of 2023, with the beginning of 2024 witnessing optimistic trends. Ethereum’s NFT market experienced a resurgence, accompanied by notable growth in sales for Solana and Bitcoin NFTs.
