Starbucks Shuts Down Odyssey NFT Program
Starbucks has decided to end its Odyssey NFT program starting March 31, following the trend of other major companies last year.
Starbucks Shuts Down Odyssey NFT Program
Image: TechCrunch
According to the latest announcement, Starbucks will halt its Odyssey Beta NFT program from March 31. This rewards system, based on NFTs, was launched by the coffee chain in September 2022 during a challenging period for the cryptocurrency industry.
Starbucks Announcement on Discord
Additionally, Starbucks will close its Odyssey Discord account on March 19. The company stated that this decision was necessary to make way for new initiatives.
During the program's hiatus, users can still access Starbucks' NFT versions (or Stamps) on the Nifty Gateway platform.
Starbucks Odyssey was a loyalty rewards solution for long-term customers in the U.S., allowing them to receive and trade collectible items in the form of NFTs. Starbucks chose Polygon as the technological platform for their NFTs due to its speed, affordable transaction fees, and 99% lower carbon emissions compared to other competitors.
The decision to shut down the NFT program is not entirely surprising. Starbucks failed in its attempt to sell the First Store NFTs for $100 each in April 2023. In contrast, the earlier "The Siren Collection" sold out within 18 minutes of being listed.
However, Starbucks is not alone in this decision. Video game retailer GameStop terminated its NFT marketplace in February this year. Around the same time last year, tech giant Meta decided to discontinue the NFT feature on its social media platforms, Facebook and Instagram.
