Since December 2022, the coffee giant has been trialing out a new Starbucks Rewards program called Starbucks Odyssey. The goal was to get the members to swap their favorite beverage for a non-fungible token (NFT).
Could you see yourself switching your free Grande Pumpkin Spice Latte for a non-fungible token (NFT)?
Key Takeaways
- Starbucks has been testing Starbucks Odyssey, an extension 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 elsewhere
- The NFT reward program will never leave beta – Starbucks is killing it
- The Starbucks Odyssey program will officially end on March 31
It Started Strong
The vision behind this project was to get members to complete journeys in the form of online games and quizzes. Once they are done, they can accumulate “collectible ‘Journey Stamps’ [NFTs] and Odyssey Points.”
As Starbucks stated in December 2022, participation in these games will grant them access to special coffee experiences unavailable elsewhere. Initially, this was a good idea, and some of the benefits are more than useful.
| Benefits | What it Means |
|---|---|
| Unique Rewards Experience | Odyssey NFTs offer exclusive profit potential on secondary markets. This could attract new Starbucks patrons. Streamlining processes may be necessary for regular customers. |
| Potential Currency Optimization | Issuing fewer points for Odyssey stamps could reduce liabilities. Encouraging point usage for other benefits manages the balance sheet and ensures steady points circulation. |
| Enhanced Member Engagement | Odyssey activities aim to engage members, offering insights into their preferences. Activities track purchases and interactions, informing strategies for Starbucks and its members. |
| Diverse Stamp Acquisition | Starbucks enables direct stamp purchases with credit cards, bypassing journeys. Limited-edition stamps aim to expedite engagement, potentially compensating for reduced direct interaction. |
What Went Wrong?
On March 15, a question appeared in an FAQ section about Starbucks ending the Starbucks Odyssey Beta program. The response came out as somewhat vague and said that it must come to an end. They added that they need to prepare for what comes next while evolving the program.
As Starbucks’ website states, the program will officially be over on March 31. Any users who were participating in the beta version had until March 25 to wrap up any remaining challenges and Journeys.
Could This Be Related to Recent Changes in the Cryptocurrency World?
- Cryptocurrency has seen a resurgence recently. Bitcoin is reaching a new all-time high
- Retail investors are cautious due to the aftermath of the 2022 crypto crash and the collapse of FTX
- The NFT market has not shown significant signs of recovery compared to certain cryptocurrencies
- Major social media platforms such as Facebook and Instagram have removed NFT-related features. They were initially introduced in anticipation of a Web3 surge
Naturally, a lot of people saw a significant potential for the Starbucks Odyssey reward program. Steve Kaczynski, the program’s community lead, gave an interview for TechCrunch and confirmed that Starbucks was stopping the Odyssey program, which resulted in his job loss.
Despite the initial enthusiasm, the Starbucks Odyssey NFT rewards program came to an end, while still in the beta version. The idea was a great step towards introducing more people to the NTF world and cryptocurrencies in general. Many stakeholders were surprised by the discontinuation.
What this closure highlighted are the challenges that come with pioneering ventures. In the market where blockchain technology and digital assets are evolving, with many benefits come a lot of difficulties.
Disclaimer
FAQ
Starbucks Odyssey was an innovative rewards program integrating NFTs (Non-Fungible Tokens) to offer unique coffee experiences and digital collectibles.
Due to the evolving digital assets market and internal strategic decisions, Starbucks is discontinuing the Odyssey program to focus on new initiatives.
Members had until March 25 to utilize their Odyssey Points and NFTs before the program officially ended on March 31.
