Web3 Is Going Great (Not) - 16 March 2024

In a move that surprised no one, Starbucks is shutting down its NFTs.

OK, to be precise, Starbucks is passing the Starbucks Stamps NFT Program over to a third-party and washing their hands.  The Starbucks Stamps NFT Program started out as a way to reward regular customers of Starbucks, but it has languished and finally gotten to the point that it is more trouble than it is worth.  So Starbucks is dumping it.

At one point, NFTs, blockchain, and blockchain-contracts were the triplet powerhouses that were going to drive Web3 into the future.  NFTs are failing left and right, blockchains and crypto-vendors are rug-pulling weekly, and e-contracts are often used to steal from crypto-vendors, so the future of Web3 is looking a little disorganized.  #NoSurprise

Reference - Engadget article, 16 March 2024 , subtitled The program ends on March 31 and its NFT marketplace will be shifted over to Nifty.