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This program, which was designed to improve Starbucks users' loyalty system, has come to an end after only one year of implementation.
The reason for its closure has not been disclosed, but the press release states that it is "necessary to prepare for the next step in Web 3.0 development."
If we take this press release at face value, it could be interpreted that the project was run to provide a preparation period for the next project, or that the "beta program" was run as a trial for a future project.
However, as Starbucks' Chief Marketing Officer Brady Brewer said, "It will revolutionize the Web 3.0 experience," this project must have been a big project for Starbucks when it first started. The fact that it ended in less than a year means that it was a virtual failure.
If you check the prices of NFTs related to this project, you can see that most of the Odyssey NFT lineup is in the red, so it's not hard to imagine that this is the main reason for the project's closure.
Specifically, with the exception of the Siren series, all other series of NFTs are below their launch prices, with most of them dropping by more than 90%. In other words, it is highly likely that users who first purchased the Odyssey series NFTs are already in the red.
In addition, the floor price of NFTs that users can get for free by completing quests has also dropped to single digits. This does not cover the costs users incurred to complete the quests in the first place. So what is the reason that most of the Odyssey NFT lineup is in the red?
In fact, when the Odyssey project first launched, 2,000 Siren collections were sold out in less than 20 minutes, the total sales of stamp NFTs on Nifty Gateway was $3.4 million, and the official website was even inaccessible due to excessive traffic. No one would have expected that the project would end in just under six months.
The aforementioned comments by Brady Brewer and his confidence are certainly understandable given these results. The reason behind the subsequent slump of this project, which had a very smooth start, is probably the stagnation of the entire NFT market.
Since February 2024, the cryptocurrency market has been rising broadly, with Bitcoin and Ethereum hitting new highs, while the NFT market has been on a downward trend, with NFT trading volume in 2023 at $11.8 billion, less than half of the $26.3 billion in 2022, a decrease of $14.5 billion from the previous year. It is quite possible that this was affected by the overall slump in the NFT market.
However, this is merely speculation. Starbucks' Web 3.0 marketing approach may only be a one-year trial. There is a good chance that some kind of movement will occur in the future, so it will be worth keeping an eye on.
Calbee's "NFT Chips Campaign"
In July 2022, Calbee, in collaboration with Hakuhodo, distributed the first NFTs to 10,000 people in CryptoGames' agricultural experience game "Astar Farm."
This was a campaign in which certain users who harvested potatoes in the game could receive actual Calbee potato chips. Following the huge success of this campaign, the two companies launched the "NFT Chips Campaign" in April 2023, which has attracted a great response.
Porsche's first NFT collection stalled due to criticism from the community
Meta, which had high hopes for the spread of NFTs, withdraws
Interview Iolite FACE vol.10 David Schwartz, Hirata Roi PHOTO & INTERVIEW "Yukos" Special feature "Trends in the cryptocurrency industry in Japan", "Trump vs. Harris: What will happen to the cryptocurrency industry?", "Was the reputation economy a prophecy?" Interview: Simon Gerovich, Metaplanet Co., Ltd., Kim Dong-Gyu, CALIVERSE Series Tech and Future Sasaki Toshinao...etc.
