Yuga Labs Implements Restructuring While NFT Trading Volume on Mythos Chain Surges

Yuga Labs Restructuring Leads to Staff Cutbacks

Yuga Labs, the creator of Bored Ape Yacht Club, has recently announced a restructuring initiative that has resulted in several positions being eliminated throughout the company. Although the exact number of layoffs has not been disclosed, Yuga Labs CEO Daniel Alegre acknowledged that the firm had taken on too many projects that were diverting its attention from its core priorities. Alegre emphasizes the importance of focusing on fewer key initiatives and partnering with external collaborators to create impactful experiences for the community. Moving forward, Yuga Labs plans to concentrate on community building, fully dedicating itself to the Otherside metaverse project, and securing brand partnerships.

Nike Introduces its First Web3 Sneaker

Nike’s Web3 unit, .Swoosh, has unveiled its inaugural physical sneaker line known as the Air Force 1 Low Tinaj. This sneaker features a combination of white and black panels, along with blue .Swoosh logos. The sneakers will only be available to .Swoosh members who purchase and open at least one OF1 Box nonfungible token (NFT) before the October 16 deadline. The OF1 Boxes can be purchased for $120 each on the .Swoosh website. While the supply of Tinaj shoes is limited, individuals who open boxes without access to the sneakers will still receive other benefits and access to future drops.

Mythos Chain Surpasses Polygon and Solana in NFT Trading Volume

The Mythos Chain, a gaming-focused blockchain network, has experienced a significant surge in NFT trading volume, surpassing both Polygon and Solana over the past 30 days. According to CryptoSlam data, the Mythos Chain has achieved $33.5 million in NFT sales volume during this period, marking a 20.31% increase. In comparison, Polygon and Solana saw declines of 45.50% and 16.77%, respectively, with sales volumes of $30.9 million and $27.9 million. DMarket, an NFT marketplace affiliated with Mythical Games, is responsible for a majority of the trading volume on the Mythos Chain. One game driving the surge in NFT sales is Nitro Nation World Tour, a Web3 mobile street racing game endorsed by DJ Deadmau5.

Starbucks Launches Pumpkin Spiced Latte NFTs

Starbucks has released an open-edition set of Pumpkin Spiced Latte NFTs on the Nifty Gateway marketplace. Each NFT is priced at $20 and is available for purchase from October 5 to 9. As of now, 1,213 NFTs have been minted, generating nearly $25,000 for Starbucks. These NFTs form part of Starbucks Odyssey, the coffee chain’s Web3 loyalty rewards program. Collecting NFT stamps, including the Pumpkin Spiced Latte NFT, allows customers to earn points and unlock specific rewards within the program.

Additional Nifty News

CMCC Global, a crypto-focused venture capital firm based in Hong Kong, raised $100 million to support blockchain startups in Asia. The Titan Fund, as it is called, will focus on investment opportunities in blockchain infrastructure, consumer applications such as gaming and NFTs, and financial services including exchanges, wallets, and lending platforms.

PayPal made strides toward establishing its own blockchain ecosystem by filing a patent application for an NFT purchase and transfer system. The application, filed in March and published in September, outlines a method for conducting on- and off-chain transactions with NFTs.