Update: Starbucks Announces Discontinuation of Odyssey NFT Program
On Friday, March 15, 2024, Starbucks made a significant announcement that has left many in the web3 community surprised. The company revealed that it is discontinuing its Odyssey NFT program, which was launched in beta last year.
The news came as a shock to Steve Kaczynski, the lead of the program, who had expressed his enthusiasm for the project just a few weeks ago on the Chain Reaction podcast. In a tweet following the announcement, Kaczynski revealed that his future at the company is uncertain.
An Inside Look: The Odyssey NFT Program
In an interview with TechCrunch’s Chain Reaction podcast in February 2024, Steve Kaczynski, co-author of "The Everything Token" and community lead for Starbucks Odyssey, shared insights into the program’s goals and features. He emphasized that despite the decline in the NFT market, there is still value to be found in this space.
Value in NFTs: A New Perspective
Kaczynski believes that brands and loyalty programs can benefit from incorporating NFTs into their marketing strategies. By doing so, they can create a more engaging experience for customers and build stronger relationships with them. He pointed out that companies will focus on expanding community-based brand building in 2024.
The Five-Tiered System: A Look Inside the Program
According to Kaczynski, Starbucks Odyssey has a five-tiered system with over 58,000 active participants at least on level one. He emphasized that these participants are not just web3 natives but also include customers from various backgrounds who have joined the program.
To reach tier five, participants must complete specific tasks and challenges within the program. Those who achieve this milestone can earn rewards, such as exclusive merchandise or experiences like visiting Starbucks’ coffee farms in Costa Rica. In December 2023, the top 20 participants were invited to visit the company’s coffee farms in Costa Rica.
Third-Party Utilities: Unlocking New Opportunities
Kaczynski highlighted that NFTs are not limited to large companies like Starbucks and Nike but can also be used by local businesses to create loyalty programs or sell tickets as assets. He provided an example of Hot Pockets, a food brand, issuing a promotion where gamers could receive a 20% discount if they bought the brand’s Fortnite skin and connected it to a crypto wallet.
The Power of NFTs: Owning Digital Assets
When asked about the value of NFTs, Kaczynski explained that people often think of them as expensive digital collectibles like Bored Ape Yacht Club. However, there is more to owning an NFT than just its monetary value. He compared it to a painting in a museum, where the owner can prove ownership and authenticity.
The Future of Loyalty Programs
Kaczynski emphasized that brands having the ability to buy and sell digital assets, such as loyalty points or exclusive content, is a new concept that makes loyalty programs more interactive and engaging. This optionality allows customers to have more control over their rewards and experiences within these programs.
Conclusion
The discontinuation of Starbucks’ Odyssey NFT program may come as a surprise to many, but it highlights the evolving nature of web3 projects and loyalty programs. As companies continue to experiment with new technologies, they must be prepared to adapt and change course when necessary.
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