Yuga Labs' Restructuring, Nike's NFT Sneaker Launch, and Major Moves in Blockchain & Gaming
Summary:
Yuga Labs, parent company of Bored Ape Yacht Club, is restructuring, leading to several position cuts due to an overcommitment to projects. The company plans to concentrate on priority areas like community building and the Otherside metaverse project. Nike's Web3 unit, .SWOOSH, has launched its first physical sneaker line, the Air Force 1 Low TINAJ, exclusively available to .SWOOSH members with an OF1 Box NFT. Meanwhile, Mythos Chain is now the second largest blockchain for NFT sales, surpassing Polygon and Solana. Starbucks has introduced Pumpkin Spiced Latte NFTs as part of its Web3 loyalty rewards program. In other developments, Hong Kong's CMCC Global raised $100 million for Asian blockchain startups, and PayPal has filed a patent for a NFT purchase and transfer system.
In a new announcement, Bored Ape Yacht Club's parent company, Yuga Labs, is undergoing a restructuring process that leads to the discontinuation of multiple positions. The firm's CEO, Daniel Alegre, through an Oct. 6 post on the freshly rebranded X (Twitter's new name), suggested that an excess of ongoing projects was diverting its resources and attention away from central tasks. Yuga Labs aims to bolster the focus on community building, showing full dedication to its Otherside metaverse project, and forging brand collaborations, according to Alegre's forward plans.
Nike’s Web3 unit .SWOOSH has introduced the Air Force 1 Low TINAJ, its pioneer line of physical sneakers having a blend of white and black segments, augmented with blue .SWOOSH insignia. Stated on X on Oct. 5, these sneakers will only be accessible to .SWOOSH members who procure and open an OF1 Box NFT prior to the Oct. 16 cutoff. Each OF1 Box comes at a cost of $120. However, not everyone gets to receive the TINAJ sneakers due to its limited supply.
Experiencing a rise in NFT trading, gaming-focused Mythos Chain has superseded Polygon and Solana to emerge as the second-largest blockchain relative to NFT sales volume in the preceding 30 days. Recent data from CryptoSlam indicates that Mythos Chain has seen NFT sales volume of $33.5 million, marking a 20.31% increase. Contrarily, Polygon and Solana witnessed a decrease of 45.50% and 16.77%, reaching $30.9 million and $27.9 million, respectively.
Starbucks has launched a line of Pumpkin Spiced Latte NFTs, part of their Starbucks Odyssey program, marking their venture into the world of NFTs. These tokens are sold through the Nifty Gateway marketplace for $20 each and will be on sale till Oct. 9. The NFT series is a facet of Starbucks' Web3 loyalty rewards initiative that comprises NFT stamps, which can be gathered to accumulate points and earn unique rewards.
In other news, Hong Kong's crypto-centric venture capital firm CMCC Global has garnered $100 million to aid Asian blockchain initiatives. Named the Titan Fund, it aims to focus on investing in key sectors such as blockchain infrastructure, consumer applications like the gaming industry and NFTs, and financial services such as exchanges, wallets, and lending-borrowing platforms. Meanwhile, PayPal is making substantial strides towards building its own blockchain sphere by filing a patent for a NFT purchase and transfer system, aiming to streamline transactions involving NFTs.
Published At
10/7/2023 3:02:12 AM
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