Key Takeaways
- Starbucks has been testing Starbucks Odyssey, an expansion of its rewards program, since December 2022.
- Starbucks Odyssey offers members the opportunity to earn “Journey Stamps” (NFTs) and Odyssey Points by completing online activities and quizzes.
- These collectible NFTs and points provide access to exclusive coffee experiences not available anywhere else.
- NFT Rewards Program Will Never Leave Beta – Starbucks Is Killing It
- The Starbucks Odyssey program officially ends on March 31.
It started off strong
The vision for this project was to have members complete their journey in the form of: online games And quizzes. Once completed, you can accumulate “collectible ‘Journey Stamps’ (NFTs) and Odyssey Points.”
As Starbucks revealed in December 2022, participating in these games will allow you to enjoy a unique coffee experience you won’t find anywhere else. At first this was a good idea and some of the benefits are useful.
| profit | what it means |
|---|---|
| A unique reward experience | Odyssey NFTs offer exclusive revenue potential in the secondary market. This can attract new Starbucks customers. For regular customers, streamlining the process may be necessary. |
| Potential call optimization | By issuing fewer points for Odyssey stamps, you can reduce your debt. By encouraging the redemption of points for other benefits, we manage our balance sheet and ensure a steady rotation of points. |
| Improved member engagement | Odyssey activities aim to engage members and provide insight into their preferences. Activities tracks purchases and interactions to inform strategy for Starbucks and its members. |
| Obtain various stamps | At Starbucks, you can purchase stamps directly with your credit card without having to travel. The limited edition stamps aim to encourage engagement, potentially compensating for the decline in direct interaction. |
What’s wrong?
On March 15, a question appeared in the FAQ section about Starbucks ending its Starbucks Odyssey beta program. The answer that there must be an end was somewhat ambiguous. They added that as the program evolves, it needs to prepare for the next steps.
The program officially ends March 31, according to Starbucks’ website. Everyone who participated in the beta version has until March 25th to complete the remaining challenges and journeys.
Could this have something to do with recent changes in the cryptocurrency world?
- Cryptocurrency is resurgence Recently. Bitcoin is hitting new all-time highs.
- Retail investors are becoming cautious due to the aftermath of the 2022 cryptocurrency crash and the FTX collapse.
- The NFT market is showing no clear signs of recovery compared to certain cryptocurrencies.
- Major social media platforms such as Facebook and Instagram have removed NFT-related features. It was initially introduced in anticipation of the Web3 explosion.
Not surprisingly, many people saw significant potential in the Starbucks Odyssey rewards program. Steve Kaczynski, the program’s community lead, confirmed in an interview with TechCrunch that Starbucks discontinued the Odyssey program and he lost his job as a result.
Despite initial enthusiasm, the Starbucks Odyssey NFT rewards program ended while still in beta. This idea was a huge step forward in introducing more people to the world of NTFs and cryptocurrencies in general. Many stakeholders were surprised by the outage.
What this closure highlights are the challenges that come with a pioneering venture. In a market where blockchain technology and digital assets are evolving, there are many advantages but also many challenges.