Yuga Labs, the driving force behind the renowned NFT project Bored Ape Yacht Club (BAYC), has shifted its focus towards its metaverse initiative, Otherside.
Yuga Labs, the mastermind behind the prominent non-fungible token (NFT) initiative, Bored Ape Yacht Club (BAYC), has successfully undergone a significant restructuring amidst the industry’s ongoing challenges.
On October 17th, Yuga Labs’ CEO, Daniel Alegre, took to X (formerly known as Twitter) to announce the completion of the company’s previously disclosed restructuring process.
Potential Acquisition of Activision Blizzard May Pave the Way for More Office Metaverses and Cryptocurrency in Gaming “We are now embarking on refining our direction with our newly structured teams,” Alegre stated, emphasizing the company’s commitment to the execution of Otherside, a gamified and interoperable metaverse project initiated by Yuga in March 2022.
Alegre highlighted the complexities of building an “immersive metaverse” both technically and creatively, adding:
“Otherside is a significant venture for Yuga, and when our creative team introduced the Meetropolis concept to my executive team, integrating it as a flagship experience for Otherside seemed like the right move.” Earlier on October 6th, Yuga Labs’ co-founder, Greg Solano, announced the company’s restructuring, noting that Yuga needed to “make some adjustments” to ensure its long-term success.
Visa Unveils Major Opportunities Shaping the Metaverse’s Future Post-restructuring, Yuga continues to employ over 120 individuals, focusing on specific core objectives,” Solano mentioned. He did not detail the number of individuals who had to part ways with Yuga Labs during this transition.
Alegre, at the helm of Yuga Labs, emphasized that his top priority during the restructuring was ensuring those departing Yuga were treated with the utmost respect and gratitude. He mentioned that Yuga’s transition package included a “generous severance pay,” coverage under the Consolidated Omnibus Budget Reconciliation Act, and assistance in seeking new job opportunities. The CEO further added:
“These are challenging times, not just for our industry but for the global economy. […] Today’s restructuring impacts team members in the US, and we are actively assessing the implications for our international teams.” Yuga Labs did not immediately respond to Cointelegraph’s request for comments.
This update comes amidst an ongoing appeal in a US court where, on October 16th, skepticism was expressed regarding Yuga Labs’ attempt to dismiss a lawsuit against artist Ryder Ripps over his replicas of Yuga’s BAYC NFTs.
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