Starbucks has decided to stop its NFT Initiative Odyssey by the end of this month, after a two-year stint. This statement was first made by Starbucks Odyssey’s community manager, Steve Kaczynski. This decision is made amid a difficult time for the NFT industry, which has seen significant drops in NFT valuations in recent weeks.
Steve Kaczynski, the CEO of Starbucks Odyssey, tweeted on Friday that he was unsure of his future. He started by saying that Starbucks had made the decision to end Odyssey. This in turn had led to him losing his full-time work and thus the reason for the uncertainty on his role in the future. He however stated that he was optimistic of what lies ahead and that he was grateful for the chance Starbucks had given him.
Later on Friday, Starbucks made the announcement that it was ending its NFT program, which had been in beta testing. This was to get ready for future changes as the initiative evolves.
Steve Kaczynski’s Vision for Business Interaction
Steve Kaczynski stressed last month in a TechCrunch podcast that even while the NFT industry has declined from its peak, businesses and loyalty programs still have possibilities to interact creatively with their audience. According to his prediction, firms would prioritize community-based brand building by creating more “brand anchors” within gated environments such as incentive programs by 2024. Starbucks entered the web3 space in 2022 with the launch of Starbucks Odyssey. This initiative aimed to improve consumer interactions by integrating NFTs with the Starbucks Rewards reward program.
Kaczynski claims that pricey digital artworks such as those from the Bored Ape Yacht Club are usually associated with NFTs. But he contends that owning an NFT has benefits that go beyond fine art. He highlights the possibility of creating “third-party utilities” linked to NFTs that aren’t just for big businesses like Nike or Starbucks. Local companies can utilize tickets as resources to engage and incentivize customers, or they can use NFTs to develop loyalty programs.
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