Starbucks Odyssey Shuts Down - What Happened?

Web3, AI and the creator economy in under 3 minutes per week!

Author

Shira Lazar
March 17, 2024

Hello everyone, Happy Sunday! I’m catching up from a busy week at SXSW. Here’s my recap and a look at the trends that stood out.

Shira Lazar on LinkedIn: Another SXSW in the books! This year, several trends caught my eye: - AI…

Another SXSW in the books! This year, several trends caught my eye: - AI was top of mind: From small businesses and a founders meetup I hosted with Inc…

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What You Need To Know 

Starbucks shut down its NFT reward program this past week, taking the community by surprise. After showing significant promise in the past few years, and with a whomping 31.4 million active users in the U.S., why did this program fail?

Launched in late 2022, Odyssey aimed to reinvent loyalty programs by blending them with the world of digital collectibles. Members could earn "Stamps" (Starbucks' own NFTs) by participating in various activities and games, creating a dynamic and interactive experience. 

Now, the program is set to close by the end of March 2024.

Despite the initial enthusiasm for such innovations, the fading interest in NFTs across the board has led Starbucks to refocus its strategies, aligning with the current digital trends and consumer preferences.

🔥My Hot Take: Integrating it with their thriving rewards program and app could have significantly boosted its success and adoption. Yet, as is common in Web3, many brands opt to isolate it as a separate IP or brand. This approach often falls short because Web3 technology and concepts are still in their infancy.

Shira Lazar

On My Radar

"Boss Beauty," by Lisa Mayer of Boss Beauties, is a vibrant, coffee-table book designed to inspire and guide women and girls in technology. It's packed with insights from influential women and empowering art. As a BB NFT holder and community member, I'm thrilled to be featured in it! Available now on Amazon.

Other headlines to check out:

I’m Bullish On…

Venus Williams

Tennis legend Venus Williams, with co-founders Raffi Holzer and Edward Lando, launches Palazzo, an AI-powered interior design startup. Leveraging her experience from her V Starr firm since 2002, Williams aims to simplify and improve home design and renovation. Palazzo offers a dynamic platform for easy room redesigns or larger renovation projects, embodying Williams's vision to enhance the interior design process.

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Remember, I'm Bullish on you!

With gratitude,