What: Starbucks is quietly closing down the NFT part in its loyalty program.

Why it important: Following trends immediately sometimes comes with drawbacks and write-offs.

Starbucks has announced the closure of its Starbucks Odyssey Beta platform, a program that combined NFT-based rewards with customer engagement, effective March 31. This initiative, launched in late 2022 and developed in partnership with Polygon, marked a significant foray into Web3 for the coffee giant. Despite its closure, Starbucks hints at future endeavors to evolve the program, without specifying plans for its return. The Odyssey Beta program aimed to enhance Starbucks' existing rewards scheme by integrating digital collectibles and unique experiences. Starbucks plans to transition the branded Odyssey marketplace to the Nifty marketplace, allowing users to trade their NFTs externally.

Starbucks is closing down the NFT part in its loyalty program