Starbucks has announced the discontinuation of its NFT Program, Odyssey, at the end of this month. The decision comes amidst a challenging period for the NFT market, which has experienced a significant decline in prices over the past few weeks. Steve Kaczynski, the community lead for Starbucks Odyssey, first shared this news. In a tweet on Friday, Kaczynski expressed uncertainty about his future while heading Starbucks Odyssey.
In a statement on its frequently asked questions section, Starbucks explained that it has decided to halt its NFT initiative, which was still in beta, in order to prepare for future advancements and the program’s growth. Steve Kaczynski had previously discussed the potential for businesses and loyalty programs to find innovative ways of engaging with their audience, even in the face of a downturn in the NFT industry. He predicts that by 2024, businesses will prioritize community-based brand marketing by establishing “brand anchors” within closed environments, such as incentive programs.
Starbucks ventured into the web3 sector in 2022 with the launch of Starbucks Odyssey, a project that aimed to enhance customer interactions by combining the Starbucks Rewards loyalty program with NFTs.
In other crypto news, the Solana network has recently experienced a historic surge in SPL token creation.