- Starbucks will close its Odyssey program on March 31.
- The company cited further refinement of the project as the reason.
- This comes amid a general decline in activity in the NFT sector.
Starbucks has announced that it will close the beta version of its Odyssey loyalty program on March 31, 2024. The first NFT collection released under the initiative was sold out in 20 minutes.
The organization’s official statement on the reasons for closing the program reads as follows:
“The Starbucks Odyssey beta must come to its logical end so that we can prepare for the next phase as we continue to develop this product.”
The company emphasized that all NFTs released under the initiative will continue to be available on Nifty Gateway. Their owners will be able to withdraw tokens to external wallets in order to sell them on third-party resources.
The Starbucks Odyssey Discord server will be shut down on March 19, 2024. The program will be completely phased out by March 31.
The company announced the initiative in August 2022. At that time, it was also revealed that it would include themed commemorative NFTs.
The brand’s first collection of non-interchangeable tokens was released in March 2023. It was sold out in 20 minutes.
The second NFT collection, released in April of the same year, was no longer such a success. It sold 4,579 tokens with a total minting volume of 5,000.
One possible reason for the company’s decision to close the program is the general stagnation in the NFT sector. On March 12, 2024, the daily minting volume of new Ethereum-based tokens fell to a historic low, according to The Block.
