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Starbucks is shutting down its NFT rewards program
The Starbucks NFT rewards program will soon be no more.
In late 2022, Starbucks dipped its toesinto the world of Web3 with a beta launch of its new NFT rewards program, Starbucks Odyssey. It has remained as a closed, invite-only beta ever since.
However, according to a recently updated FAQon the official Starbucks Odyssey website, it seemsthat the NFT reward program will never leave beta. That's because Starbucks is killing it.
SEE ALSO: The pink Starbucks x Stanley cup is going for $200 on eBay. Shop these dupes instead.What's happening to Starbucks Odyssey?
On March 15, Starbucks added the following question to its FAQ: "Why are you ending the Starbucks Odyssey Beta program?"
"The Starbucks Odyssey Beta must come to an end to prepare for what comes next as we continue to evolve the program," reads Starbucks' answer.
According to the website, the Starbucks Odyssey program will officially end on March 31. Users in the closed beta have until March 25 to complete any remaining Journeys, which were "themed activities" like online games and quizzes that enabled members to earn NFTs and reward points. The project's Discord channel, a major element for any Web3 community, will be shut down on March 19.
Starbucks shared its crypto-related ambitions in early 2022, when the market was still booming. During a "Partner Open Forum" that year, Starbucks CEO Howard Schultz attempted to shut down an ongoing union drive among its employees. One of the talking points Shultz used in an attempt to excite them about a union-less future with the company: NFTs.
"We are going to be in the NFT business," Schultz declared.
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Cryptocurrency has seen a minor resurgence over the past few months, with Bitcoin's value rising to a new all-time high. However, wariness among retail investors continues to remain after 2022's crypto crashand FTX's demise. Furthermore, NFTs or non-fungible tokens have yet to really see signsof a potential comebackin the way that certain crypto tokens have. Even social media platforms, like Facebook and Instagram, have removed NFT-related features that they had added in anticipation for a Web3 boom.
Still, for those who viewed the Starbucks Odyssey reward program as a major win for the NFT space, the move came as a surprise. In February, TechCrunch published an interviewwith Starbucks Odyssey’s community lead Steve Kaczynski, who said he expected NFT brand building to expand. On Friday, Kaczynski sharedthat the coffee company was indeed sunsetting the Starbucks Odyssey program and he had unfortunately lost his job as a result.
As for the Polygon blockchain-based NFTs doled out as part of the program, Starbucks says users can continue to hold them, trade them, and buy or sell them on the Nifty Gateway NFT marketplace.
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