Starbucks Announces Closure of Its Beta NFT Program

Starbucks shut down the Starbucks Odyssey platform last month, marking a major exit of the company from the non-fungible token (NFT) industry.

Early last month, Starbucks announced that it would be quitting its NFT plans under the Odyssey Beta platform. This platform allowed users to access NFT-based rewards created on Polygon, an Ethereum scaling network.

Starbucks closed the Odyssey Beta platform on March 31. The company made platform quests available until March 25, with the server shutting down a week earlier. The coffee giant has not hinted at any plans to revive its plans for the NFT industry.

Starbucks Ditches NFT Plans

The NFT boom in 2021 saw many companies venture into this industry to grow their popularity and appeal to a new audience. However, the bear market that plagued the crypto industry in 2022 and most of 2023 saw NFTs lose much value.

As a result of poor performance, NFTs are now becoming less popular. Starbucks has already left the industry, according to a message posted on the platform’s website.

In the FAQ section of the Starbucks Odyssey website, Starbucks noted that the program would come to an end as the company readied for what would come next. It also said that it planned to continue evolving the platform to achieve better results.

The FAQ section also said that Starbucks was working on launching a digital platform where members would get to interact. However, it did not make any hints that this platform would return in the form that it was under the Odyssey platform or it would evolve to have a different offering.

Even when it’s shutting down @starbucks Odyssey is crushing it.

Free coffee for two months! ☕️ pic.twitter.com/Z0aUF7gMos

— Adam Hollander (@HollanderAdam) March 31, 2024

“The Starbucks Odyssey Beta must come to an end to prepare for what comes next as we continue to evolve the program,” the statement read. “While the Starbucks Odyssey Beta program is ending, we are excited for you to see what comes next and are grateful for your consistent engagement and feedback.”

In the FAQs, Starbucks also acknowledged those who participated in the program to drive community support and loyalty. It also said it anticipated bringing its offerings in front of a broader audience.

Starbucks’ Foray Into NFTs

Starbucks launched the Odyssey platform in closed beta in late 2022. At the time, the coffee giant was one of the main examples of a leading brand entering the Web3 industry.

Starbucks promoted its NFT initiative as an extended version of the existing Starbucks Rewards program. The NFT platform allows users who purchase coffee and other products in stores to access a wide range of benefits. It also allows users to participate in quizzes and other forms of content on the platform.

Users on the Starbucks Odyssey platform could unlock a variety of rewards through this offering including NFT stamps, tours, and tutorials on making drinks.