Cutbacks at Yuga Labs
Yuga Labs, the creator of Bored Ape Yacht Club, has undergone a restructuring that resulted in the elimination of several roles within the company. The exact number of layoffs has not been disclosed, but Yuga Labs CEO Daniel Alegre stated that the company had taken on too many projects that were diverting its attention from its core priorities. Alegre emphasized the need to focus on fewer key initiatives and collaborate with external partners to create exceptional experiences for the community and business.
Nike’s new Web3 sneaker
Nike’s Web3 unit, .SWOOSH, has introduced its first physical sneaker line called Air Force 1 Low TINAJ. These sneakers feature a combination of white and black panels with blue .SWOOSH logos. According to an announcement by .SWOOSH, these sneakers will only be available to .SWOOSH members who purchase and open at least one OF1 Box NFT before October 16. The OF1 Boxes are priced at $120 each and can be purchased on the .SWOOSH website. While the supply of TINAJ shoes is limited, those who don’t receive them may still receive other benefits and access to future drops.
Mythos Chain surges past Polygon and Solana
The gaming-focused Mythos Chain has experienced a surge in NFT trading volume, surpassing Polygon and Solana to become the second-largest blockchain in terms of NFT sales volume in the past 30 days. According to data from CryptoSlam, Mythos Chain has recorded $33.5 million worth of NFT sales volume, marking a 20.31% increase during that period. In comparison, Polygon saw $30.9 million in sales volume, while Solana saw $27.9 million, both experiencing declines. Most of Mythos Chain’s trading volume comes from DMarket, an NFT marketplace affiliated with Mythical Games, the company behind the blockchain.
Starbucks tokenizes Pumpkin Spiced Lattes. But why?
Starbucks has released an open-edition set of Pumpkin Spiced Latte NFTs on the Nifty Gateway marketplace. These NFTs are priced at $20 each and were available for purchase from October 5 to October 9. As of now, Starbucks has minted 1213 NFTs, generating nearly $25,000 in revenue. The NFTs are part of Starbucks’ Web3 loyalty rewards program called [Program Name], where users can collect NFT stamps, including the Pumpkin Spice Latte, to earn points and specific rewards.
Other Nifty News
CMCC Global, a crypto-focused venture capital firm based in Hong Kong, raised $100 million to support Asian blockchain startups. The fund will focus on investments in blockchain infrastructure, consumer applications like gaming and NFTs, and financial services such as exchanges, wallets, and lending platforms. Additionally, PayPal has made progress toward establishing its own blockchain ecosystem by filing a patent application for a system that enables the purchase and transfer of NFTs both on- and off-chain.
Hot Take: The Importance of Streamlining and Partnerships in the Crypto Space
The recent restructuring at Yuga Labs serves as a reminder of the importance of focusing on core priorities in the crypto industry. By eliminating distractions and placing bets on key initiatives, companies can create meaningful experiences for their communities and drive business growth. Collaboration with external partners also plays a crucial role in achieving success in this rapidly evolving space. As seen with Nike’s partnership with .SWOOSH and Starbucks’ NFTs on Nifty Gateway, these strategic alliances can enhance brand offerings and engage customers in innovative ways. Streamlining and partnerships will continue to be key strategies for companies navigating the crypto landscape.
Coinan Porter stands as a notable crypto analyst, accomplished researcher, and adept editor, carving a significant niche in the realm of cryptocurrency. As a skilled crypto analyst and researcher, Coinan’s insights delve deep into the intricacies of digital assets, resonating with a wide audience. His analytical prowess is complemented by his editorial finesse, allowing him to transform complex crypto information into digestible formats. Coinan’s contributions serve as a valuable resource for both seasoned enthusiasts and newcomers, guiding them through the dynamic landscape of cryptocurrencies with well-researched perspectives. With meticulous attention to detail, he empowers informed decision-making in the ever-evolving crypto sphere.