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Starbucks’ Odyssey NFT Program Set to Close Amid NFT Market Downturn

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Starbucks' Odyssey NFT Program Set to Close Amid NFT Market Downturn

  • The decision is made at a time when the NFT market is going through a tough patch.
  • Starbucks said on its frequently asked questions section later Friday about the halt.

Odyssey, Starbucks’ two-year NFT Program, will come to a close at the end of the month. The news was first shared by Steve Kaczynski, who is the community lead for Starbucks Odyssey.

The decision is made at a time when the NFT market is going through a tough patch, with prices falling significantly in the last several weeks. While heading Starbucks Odyssey, Steve Kaczynski tweeted on Friday that his future was questionable.

Kaczynski mentioned:

“Starbucks has decided to sunset Odyssey. There’s a ton of uncertainty about my future now because I just lost my full-time job, but I’m doing my best to look at the positives. I’m incredibly grateful for Starbucks and the opportunity they provided me. In the last 15 months, I had the chance to work with one of my favorite brands on the planet.”

Preparing for Future Advancements

Starbucks said on its frequently asked questions section later Friday that it has decided to stop its NFT initiative, which was in beta at the time, to prepare for future advancements as the program matures.

Last month, Steve Kaczynski spoke on a TechCrunch podcast about how businesses and loyalty programs may still find inventive ways to interact with their audience, even if the NFT industry has declined from its height.

He foresees that in 2024, businesses will place an even greater emphasis on community-based brand marketing by creating “brand anchors” within closed environments such as incentive programs. In 2022, Starbucks entered the web3 sector with the introduction of Starbucks Odyssey. To improve interactions with customers, this venture combined the Starbucks Rewards loyalty program with NFTs.

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