Only two years! Starbucks abandons Digital third Space

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Yesterday, Starbucks announced that it would shut down its Odyssey NFT test platform on March 31. It is reported that in 2022, in order to increase the user experience, Starbucks launched the Odyssey NFT program to expand user loyalty program, and the related test platform was launched at the same time. To the surprise of the industry and users, only in the past two years, the ambitious Odyssey NFT project was terminated.

Friends should be confused about what NFT means to Starbucks users. To explain briefly, NFT is actually a cryptocurrency and is related to Bitcoin, but unlike Bitcoin, NFT has non-homogeneous characteristics, so it is very popular in the digital art industry that is worried about being copied. Users can use NFT to buy all kinds of digital art, such as music, videos, pictures, etc.

Starbucks noticed the popularity of the NFT market and combined it with the brand itself, releasing paid NFT and free NFT to accomplish specific tasks, incorporating brand culture such as iconic mermaids and green aprons into the design of NFT, making these NFT, which are closely related to Starbucks brands, evoke the collecting habits of Starbucks users and become popular in the market as soon as they are listed.

However, Starbucks released NFT not only focused on the market value of NFT, but also wanted to combine the emerging NFT with the traditional user loyalty program "Starbucks Rewards" to bring a new experience to members and partners.

Brady Brewer, executive vice president and chief marketing officer of Starbucks, said that buying a Starbucks NFT is like getting a pass to the Starbucks community around the world, which can use the community to experience coffee-centric content and opportunities to work with other brands. It is also hoped that the program will deepen the interaction with customers and enhance brand loyalty.

From the feedback of the market, Starbucks' NFT is very popular with users. Because Starbucks NFT can not only be used for collection, but also earn points for each NFT, the accumulated points can be exchanged for some substantial rewards, such as virtual coffee courses, Starbucks cups, 30-day free drinks, visits to coffee farms, etc., which also makes users who like coffee culture and Starbucks brands willing to buy NFT.

In addition, some users have the idea that when they no longer want to own Starbucks NFT, they can sell their NFT in the secondary market and cash it out. Some of the NFT sold by Starbucks can be sold at a good price in the secondary market because of its special design and limited quantity. So for some users to buy Starbucks NFT is also a kind of investment.

The Odyssey NFT project represents Starbucks' attempt in the Web3.0 field, and the platform shutdown makes industry and wind users worry about whether Starbucks is going to abandon the NFT plan completely. However, in January this year, Starbucks South Korea allowed customers to accumulate an "ecological seal" by buying designated drinks in exchange for a limited NFT in order to motivate customers who use recycled cups, which may mean that Starbucks has not completely given up its exploration of digital innovation projects, and maybe the platform is closed just for adjustment and improvement.

Picture from: Internet

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