Starbucks has declared the end of its NFT rewards program, aligning with similar decisions made by other corporate giants over the past year.

The multinational coffee chain has revealed the discontinuation of its program enabling customers to earn and purchase digital collectible stamps in the form of nonfungible tokens (NFTs) to pave the way for fresh initiatives.

Starbucks’ “Odyssey Beta program” is set to conclude on March 31, marking the end of coffee-themed games and challenges where users could earn digital stamps for accessing new benefits and interactive experiences.

Moreover, the marketplace facilitating the trading of digital stamps and the associated community Discord server will cease operations.

While the rationale behind Starbucks’ move remains unclear, it’s uncertain whether another Web3 development will emerge in its stead. The company indicated the need to prepare for forthcoming developments as it continues “to evolve the program.”

Launched in September 2022 amid a challenging period for the crypto industry, Starbucks opted for the Polygon network due to its lower energy consumption compared to proof-of-work blockchains.

On another front, GameStop announced the closure of its NFT marketplace in January, following a series of cutbacks in crypto services over the past two years. Similarly, tech behemoth Meta ceased its NFT features on Facebook and Instagram around this time last year, just 10 months after their initial launch.

Looking ahead, Web3 executives foresee NFTs evolving into valuable tools with real-world applications in 2024, expanding beyond profile pictures to encompass industries like precious metals and real estate.