Yuga Labs, the creative force behind the popular Bored Ape Yacht Club (BAYC) nft collection, has completed a restructuring phase to position it for long-term success.
In a message to the community, Yuga Labs CEO Daniel Alegre shared information about the company’s journey, its achievements, and a renewed focus on the metaverse project, Otherside.
Yuga Labs sets its sights on the Otherside Metaverse project
Yuga Lab CEO Daniel Alegre recently visited X to announce that the team had completed a restructuring phase to position the company for long-term success.
I want to address some of the comments that the company and I have received from many of you recently.
I respect relevant and timely comments, as I know they come from a desire to see improvements in our Yuga communities.First, I’ll start by sharing some tips…
— Daniel Alegre (@dalegre) October 18, 2023
“We now begin the task of refining the approach with our new equipment configurations,” Alegre said. The company’s main objective will be to bring Otherside to life, a gamified and interconnected metaverse project launched in March 2022.
Alegre emphasized the substantial challenges involved in creating an immersive metaverse platform, recognizing the importance of Otherside as a critical endeavor. Greg Solano, co-founder of Yuga Labs, had previously revealed the company’s restructuring efforts, with the goal of achieving long-term success.
While the specific count of affected employees is not disclosed, Yuga Labs is committed to offering extensive assistance, including severance packages and professional recommendations.
Yuga Lab’s legal problems amid restructuring
The restructuring announcement comes amid ongoing legal challenges, including a trademark lawsuit and a class action lawsuit filed against Yuga Labs and Sotheby’s by BAYC investors.
Despite the challenges, Alegre reiterated Yuga Labs’ commitment to its mission of “building culture in blockchain” and expressed gratitude for the community’s continued support.
The company’s strategic realignment focuses on bringing prominence to partnerships and advancing critical projects like Bored Apes. These efforts focus on nurturing the community, particularly the Otherside project and various Web3 initiatives led by Yuga Labs.
Additionally, Yuga Labs aims to honor the legacy of crypto art through educational resources and plans to incorporate Meebits and 10KTF into the upcoming 2024 gaming initiative, Otherside.
Overall, the restructuring represents a strategic shift for Yuga Labs, focusing on the metaverse and key partnerships while maintaining its dedication to its communities and the blockchain art space.
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