Nifty News: Yuga Labs to buy metaverse studio, Etihad NFT staking to take off and more

In recent news in the NFT (Non-fungible Token) and metaverse space:

Yuga Labs, a major NFT conglomerate, is set to acquire Roar Studios, a metaverse-building startup, as part of its efforts to enhance its Otherside metaverse project. Roar Studios' founder and chief, Eric Reid, will join Yuga Labs as the general manager of Otherside to lead the development and production of the metaverse. Yuga Labs has been actively expanding its presence in the NFT and metaverse world and previously acquired collections like CryptoPunks and Meebits.

Abu Dhabi-based airline Etihad is launching an NFT staking loyalty program called "Horizon Club." The program will offer NFT holders benefits such as priority check-in, lounge access in Abu Dhabi, and the ability to stake the NFTs to earn flight miles. On August 1, Etihad will release 300 new NFTs in its EY-ZERO1 collection, featuring an Etihad aircraft wrapped in branding for the Mission: Impossible film as part of a promotional partnership.

NFT-focused news outlet NFT Now is facing challenges due to the ongoing crypto market winter. The company is reducing its staff count and undergoing restructuring as it acknowledges that it over-hired during the bullish market conditions and must adapt to the changing market conditions.

These developments reflect the ongoing growth and evolution of the NFT and metaverse industries, with companies exploring innovative ways to leverage NFTs for loyalty programs and exploring new opportunities in the metaverse space. However, the challenges of the crypto market can also impact companies operating in the NFT sector, leading to necessary restructuring and adjustments.

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