Key Takeaways
- Starbucks has been testing Starbucks Odyssey, an extension of its Rewards program, since December 2022
- Starbucks Odyssey affords members the chance to earn “Journey Stamps” (NFTs) and Odyssey Factors by finishing on-line actions and quizzes
- These collectible NFTs and factors present entry to unique espresso experiences not out there elsewhere
- The NFT reward program won’t ever go away beta – Starbucks is killing it
- The Starbucks Odyssey program will formally finish on March 31
It Began Robust
The imaginative and prescient behind this undertaking was to get members to finish journeys within the type of on-line video games and quizzes. As soon as they’re carried out, they’ll accumulate “collectible ‘Journey Stamps’ [NFTs] and Odyssey Factors.”
As Starbucks said in December 2022, participation in these video games will grant them entry to particular espresso experiences unavailable elsewhere. Initially, this was a good suggestion, and among the advantages are greater than helpful.
| Advantages | What it Means |
|---|---|
| Distinctive Rewards Expertise | Odyssey NFTs provide unique revenue potential on secondary markets. This might appeal to new Starbucks patrons. Streamlining processes could also be essential for normal clients. |
| Potential Foreign money Optimization | Issuing fewer factors for Odyssey stamps may scale back liabilities. Encouraging level utilization for different advantages manages the stability sheet and ensures regular factors circulation. |
| Enhanced Member Engagement | Odyssey actions intention to interact members, providing insights into their preferences. Actions observe purchases and interactions, informing methods for Starbucks and its members. |
| Various Stamp Acquisition | Starbucks allows direct stamp purchases with bank cards, bypassing journeys. Restricted-edition stamps intention to expedite engagement, probably compensating for diminished direct interplay. |
What Went Incorrect?
On March 15, a query appeared in an FAQ part about Starbucks ending the Starbucks Odyssey Beta program. The response got here out as considerably imprecise and mentioned that it should come to an finish. They added that they should put together for what comes subsequent whereas evolving this system.
As Starbucks’ web site states, this system will formally be over on March 31. Any customers who had been taking part within the beta model had till March 25 to wrap up any remaining challenges and Journeys.
May This Be Associated to Current Modifications within the Cryptocurrency World?
- Cryptocurrency has seen a resurgence not too long ago. Bitcoin is reaching a brand new all-time excessive
- Retail buyers are cautious because of the aftermath of the 2022 crypto crash and the collapse of FTX
- The NFT market has not proven vital indicators of restoration in comparison with sure cryptocurrencies
- Main social media platforms reminiscent of Fb and Instagram have eliminated NFT-related options. They had been initially launched in anticipation of a Web3 surge
Naturally, lots of people noticed a major potential for the Starbucks Odyssey reward program. Steve Kaczynski, this system’s group lead, gave an interview for KryptoCoinz and confirmed that Starbucks was stopping the Odyssey program, which resulted in his job loss.
Regardless of the preliminary enthusiasm, the Starbucks Odyssey NFT rewards program got here to an finish, whereas nonetheless within the beta model. The concept was an incredible step in direction of introducing extra folks to the NTF world and cryptocurrencies usually. Many stakeholders had been stunned by the discontinuation.
What this closure highlighted are the challenges that include pioneering ventures. Available in the market the place blockchain expertise and digital property are evolving, with many advantages come a number of difficulties.