After a two-year stint, Starbucks has determined to finish its NFT Program Odyssey by the finish of this month. This announcement first got here by means of Steve Kaczynski, the neighborhood lead for Starbucks Odyssey. The improvement comes at a time when the NFT market goes by means of a tough part with NFT costs dropping considerably over the previous few weeks.
Starbucks Discontinues NFT Program Odyssey
On Friday, Steve Kaczynski tweeted that his future was unsure whereas main Starbucks Odyssey. “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,” he wrote.
Later on Friday, on its FAQ page, Starbucks revealed its determination to halt its NFT program, which was in the beta part, with a purpose to “prepare for upcoming developments as the program evolves”.
NFTs Are Powerful for Community Building
In a podcast with TechCrunch final month, Steve Kaczynski emphasised that regardless of the decline in the NFT market from its peak, there are nonetheless alternatives for manufacturers and loyalty applications to interact with their viewers in revolutionary methods.
He predicts that in 2024, firms will additional develop “brand anchors” inside gated areas like reward applications, emphasizing community-based model constructing. Starbucks launched Starbucks Odyssey in 2022, marking its entry into the web3 house. This initiative built-in the Starbucks Rewards loyalty program with NFTs to complement buyer interactions. Kaczynski said:
“We’re able to help people find their tribe.I’ve seen that people who live in California in the Starbucks Odyssey community are really good friends with people in Chicago and they have met up in real life at times. This never would have happened if not for web3.”
According to Kaczynski, the widespread notion of NFTs sometimes revolves round costly digital artworks like these from the Bored Ape Yacht Club. However, he means that NFT possession holds broader worth past simply paintings.
He emphasizes the potential for creating “third-party utilities” related to NFTs, not restricted to massive firms like Starbucks or Nike. Local companies may also leverage NFTs to create loyalty applications or use tickets as belongings to incentivize and have interaction prospects.
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