Starbucks has made the decision to end its NFT Program Odyssey after a two-year run. The announcement was made by Steve Kaczynski, the community lead for Starbucks Odyssey. This move comes amidst a challenging time for the NFT market, which has seen a significant drop in prices in recent weeks.
Starbucks Discontinues NFT Program Odyssey
On Friday, Steve Kaczynski shared on Twitter that his future with leading Starbucks Odyssey was uncertain. He mentioned that Starbucks had chosen to discontinue the program, leading to uncertainty about his employment. Despite this, he expressed gratitude for the opportunity to work with Starbucks over the past 15 months.
Later on Friday, Starbucks updated its FAQ page to announce the halt of its NFT program, which was still in the beta phase. The decision was made in order to prepare for future developments as the program evolves.
NFTs Are Powerful for Community Building
In a recent podcast with TechCrunch, Steve Kaczynski highlighted that despite the current state of the NFT market, there are still opportunities for brands to engage with their audience through loyalty programs in innovative ways.
He believes that in 2024, companies will focus on creating “brand anchors” within closed spaces like loyalty programs, emphasizing community-driven brand building. Starbucks ventured into the web3 space in 2022 with Starbucks Odyssey, a program that integrated NFTs with the Starbucks Rewards loyalty program to enhance customer interactions.
Kaczynski stated that NFT ownership goes beyond expensive digital art, emphasizing the potential for creating “third-party utilities” associated with NFTs. This can be leveraged by not only large corporations like Starbucks or Nike but also local businesses to create loyalty programs and engage customers by using tickets as assets.
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- Source: https://cryptoinfonet.com/nft-news/starbucks-concludes-nft-initiative-odyssey-paving-the-way-for-the-future/
