Cryptocurrencies
Yuga Labs Aims to Metaverse After Restructuring
Yuga Labs, the creators of Bored Ape Yacht Club NFTs, has announced that it has completed its restructuring period and is preparing to fully focus on its metaverse project, Otherside.”
Daniel Alegre, CEO of Yuga Labs, used X (formerly Twitter) to inform the public about the conclusion of this internal reorganization process, which had been announced at the beginning of October.
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
“Now we begin the task of refining our focus with the new team configurations,” said the CEO, emphasizing that the company’s top priority is Otherside, their gamified and interoperable metaverse project that they initiated in March of last year.
He also stressed the difficulties involved in developing an immersive metaverse, both technically and creatively.
A New Focus Centered on the Metaverse
“Otherside is a very significant venture for Yuga, and when our creative team brought the concept of ‘Meetropolis’ to my leadership team, turning it into a cornerstone experience felt like a slam dunk.”
Greg Solano, the co-founder of Yuga Labs, had announced the restructuring on October 6th, citing that the company needed to make some significant changes to be prepared for long-term success.
Yuga Labs is announcing a restructuring that will better focus our team on our core priorities. While certain roles have been impacted, these changes are necessary to evolve as an organization.
For more see a note written by @dalegre on our https://t.co/722YfqwaCB official blog.— Yuga Labs (@yugalabs) October 6, 2023
Following the reorganization, Yuga Labs still has over 120 employees dedicated to the company’s new priorities. However, Solano did not specify how many people were displaced during this reshuffling.
Alegre emphasized that his top priority was to ensure that those who had to leave Yuga Labs during the restructuring process were treated with the gratitude and respect they deserved. They will also receive their appropriate compensation and assistance in finding new job opportunities.
He also pointed out that not only the industry but the global economy is going through challenging times. The decisions made so far affect the team working in the United States, and Yuga is currently assessing the future impact on its international teams.