Starbucks Abandons Odyssey NFT Program Amid Crypto Downturn

Starbucks Odyssey:​ Exploring the‍ Potential of NFTs in Brand Loyalty Programs

In a⁤ recent development, Starbucks announced the discontinuation​ of its NFT program, Starbucks Odyssey, which was in ​its beta phase. The company aims to prepare for the future and​ evolve the program, as stated on their FAQ page. Steve Kaczynski, the⁣ program’s lead, expressed uncertainty about his future at the company in a recent tweet.

The Value of NFTs ‍in Brand Loyalty Programs

Despite the current downturn in the NFT market, Steve Kaczynski, co-author of “The Everything Token” and former community lead for Starbucks Odyssey, believes that brands and loyalty programs⁢ can still find value in reaching fans through innovative means.⁣ In a recent episode of The ‌Zero Byte’s Chain Reaction⁣ podcast, Kaczynski predicted that companies will ‍expand upon “brand anchors” to gated areas,⁣ such as reward programs, in 2024.

Starbucks Odyssey: Combining Loyalty Programs with NFTs

Launched in 2022, Starbucks Odyssey ⁤ marked‌ the company’s initial venture into the⁢ web3​ world, integrating their Starbucks Reward loyalty program with NFTs to enhance customer experiences, as​ previously reported by The Zero Byte. ​Kaczynski emphasized the program’s ability to help people find their tribe, connecting individuals from different locations who may‌ not have met otherwise.

Starbucks Odyssey’s Success and Potential

The loyalty ‌program boasts a five-tiered system‌ with over 58,000 ‌active participants, not limited to web3 natives. In December, Starbucks announced ‌that ⁢the ⁤top 20 participants would be sent to Costa Rica to visit the company’s coffee farms. Kaczynski believes that NFTs offer “third-party utilities” that can be developed ⁣not only by‌ large corporations but​ also ⁣by⁣ local businesses looking to create loyalty programs or use tickets as⁣ incentivizing assets.

The True Value of NFTs Beyond Expensive Monkey Pictures

While NFTs are often associated with expensive digital art, such as Bored Ape Yacht Club, Kaczynski argues that there is more value to be found in ⁤owning NFTs. He compares owning an NFT to owning an original painting in a museum, where the value lies in the museum’s ownership ⁣and the ability to prove its authenticity. NFTs enable the same concept for digital items, allowing brands and companies ⁤to buy, sell, and truly own loyalty, making it a ‍less one-sided relationship.

While not all the community members engage in buying and selling … I think for⁢ a lot of​ people, having that optionality is so important.

This story‍ was inspired by ⁣an episode of The Zero Byte’s podcast Chain Reaction. Subscribe to Chain Reaction on Apple Podcasts,‌ Spotify, or your favorite pod platform to hear more stories and tips⁣ from the entrepreneurs⁢ building today’s most innovative companies.