Yuga Labs, the creator of Bored Ape Yacht Club, has recently announced a restructuring within the company that has led to the elimination of several roles. Although the exact number of layoffs has not been specified, Yuga Labs CEO Daniel Alegre stated in a blog post on October 6 that the company had taken on too many projects that were diverting its attention from its core priorities.
Alegre explained, “To create truly amazing experiences that matter to our communities and our business, we need to place our bets on fewer key initiatives and team up with complementary external partners to make these experiences happen.” As part of this restructuring, Yuga Labs plans to focus more on community building, prioritize its Otherside metaverse project, and secure brand partnerships.
In other news, Nike’s Web3 unit, .SWOOSH, has unveiled its first physical sneaker line called the Air Force 1 Low TINAJ. The sneakers feature a mix of white and black panels with blue .SWOOSH logos. According to an announcement on October 5, these sneakers will only be available to .SWOOSH members who purchase and open at least one OF1 Box NFT before the October 16 deadline. The OF1 Boxes are priced at $120 each and can be purchased on the .SWOOSH website. However, the supply of TINAJ shoes is limited, and the exact number available has not been specified.
Moving on to the world of NFT trading, the gaming-focused Mythos Chain has experienced a surge in trading volume, making it the second largest blockchain in terms of NFT sales volume over the past 30 days. CryptoSlam data shows that Mythos Chain has recorded $33.5 million worth of NFT sales volume, marking a 20.31% increase during this period. In comparison, Polygon saw $30.9 million in NFT sales volume, while Solana recorded $27.9 million. Most of the trading volume on Mythos Chain comes from DMarket, an NFT marketplace affiliated with Mythical Games, the company behind the Mythos Chain. Nitro Nation World Tour, a Web3 mobile street racing game backed by DJ Deadmau5, is believed to be one of the games driving the increased NFT sales.
Meanwhile, Starbucks has entered the NFT space by releasing an open-edition set of Pumpkin Spiced Latte NFTs on the Nifty Gateway marketplace. These NFTs cost $20 each and have been available for sale since October 5, with the sale ending on October 9. As of now, 1213 NFTs have been minted, generating nearly $25,000 in revenue for Starbucks. The Pumpkin Spiced Latte NFTs are part of the coffee chain’s Web3 loyalty rewards program called Starbucks Odyssey, where NFT stamps can be collected to earn points and specific rewards.
In other industry news, Hong Kong-based crypto-focused venture capital firm CMCC Global has raised $100 million for its Titan Fund, which aims to support Asian blockchain startups. The fund will focus on investments in blockchain infrastructure, consumer applications like gaming and NFTs, and financial services. Additionally, PayPal has made progress in creating its own blockchain ecosystem by filing a patent application for a NFT purchase and transfer system. This application describes a method for conducting transactions with NFTs, both on- and off-chain.
These developments highlight the ongoing growth and diversification of the blockchain and NFT markets, with companies like Yuga Labs, Nike, Starbucks, and PayPal recognizing the potential and opportunities offered by Web3 technologies. As the industry continues to evolve, it will be interesting to see how these companies and others adapt and innovate in this space.
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