BAYC Creator Yuga Labs Successfully Restructures to Prioritize Metaverse Development

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 insights into the company’s journey, achievements, and a renewed focus on the metaverse project, Otherside.

Yuga Labs Sets Sights on Otherside Metaverse Project

Yuga Lab’s CEO, Daniel Alegre, recently took to 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 feedback the company and I have been receiving from many of you recently.
I respect the relevant, pointed feedback as I know it comes from a place of wanting to see improvements in our Yuga communities.

First, I will start with sharing some advice…

— Daniel Alegre (@dalegre) October 18, 2023

“We now begin the task of refining the focus with our new team configurations,” Alegre said. The company’s primary focus will be on bringing Otherside to life, a gamified and interconnected metaverse project initiated in March 2022.

Alegre emphasized the substantial challenges in creating an immersive metaverse platform, acknowledging the significance of Otherside as a pivotal endeavor. Greg Solano, Yuga Labs’ co-founder, had previously disclosed the company’s restructuring efforts, aiming for long-term success.

While the specific count of impacted employees is undisclosed, Yuga Labs commits to offering extensive assistance, including severance packages and professional recommendations.

Yuga Lab’s Legal Woes Amidst 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 “building culture on the blockchain” mission and expressed gratitude for the community’s continued support.

The company’s strategic realignment focuses on giving prominence to partnerships and progressing pivotal projects like Bored Apes. These efforts are centered on nurturing the community, notably 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 forthcoming 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.