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According to CEO Daniel Alegre, Yuga Labs has completed its restructuring process and is now focusing on its metaverse extension, Otherside.
In a social media post about X, Alegre responded to concerns and comments from Yuga Labs’ various nft communities following the company’s announcement of restructuring and staff reductions earlier this month.
“As difficult as it has been, the restructuring is complete and we now begin to refine the approach with our new team configurations,” Alegre said.
Daniel Alegre outlined three main priorities for the newly restructured team: supporting existing communities, executing the development of Otherside, and leveraging partnerships.
He acknowledged that when he joined the company six months ago, the relationship between Yuga Labs and CryptoPunks, an nft collection it acquired last year, was strained. To address this issue, the team has significantly increased its community support efforts.
“We are expanding our engagement with top-tier museums to elevate CryptoPunks’ already strong stature and broaden its appeal among art collectors,” Alegre said. He emphasized that the company has tripled its efforts in supporting the community, particularly for CryptoPunks.
Regarding its flagship nft project, Bored Ape Yacht Club (BAYC), Alegre stated that Yuga Labs would continue to support offline events. “It’s critical to support unique IRL events and bring communities together,” he said.
As for partnerships, the CEO of Yuga Labs mentioned that the company has been selective, citing a multi-year commitment to Gucci and a recently announced collaboration with BAPE®. He also hinted that more collaborations will be announced soon.
Continued interest in Otherside
Alegre reiterated that Yuga Labs would focus significantly on the development of Otherside. “We are accelerating development and building unique and differentiated digital experiences backed by robust, scalable technology,” she said.
He pointed out the technical and creative challenges of building an immersive metaverse platform. He cited recent partnerships with Hadean and Big Rhino and the acquisition of Roar Studios as steps toward achieving this goal.
The latest development in the ongoing legal disputes surrounding Yuga Labs and its BAYC NFTs came on October 16, when a US appeals court. questioned the merits to dismiss trademark lawsuit against artist Ryder Ripps. Ripps has been accused of creating replicas of Yuga Labs’ BAYC nft.
