CEO announces Yuga Labs’ focus on Otherside project following company restructuring
Yuga Labs, under the leadership of CEO Daniel Alegre, has successfully completed its restructuring process and is now directing its attention towards expanding its metaverse project, Otherside.
Alegre took to social media on X to address the concerns and feedback from Yuga Labs’ diverse NFT communities following the company’s announcement of restructuring and staff reductions earlier this month.
Acknowledging the challenges faced during the restructuring, Alegre stated, “That restructuring is now behind us, and we are now focusing on refining our goals with our newly formed teams.”
Alegre outlined three main priorities for the restructured team: providing support to existing communities, advancing the development of Otherside, and leveraging partnerships.
Alegre admitted that when he joined the company six months ago, the relationship between Yuga Labs and CryptoPunks, an NFT collection acquired by Yuga Labs last year, was strained. To rectify this, the team has significantly increased its efforts in community support.
“We have expanded our collaborations with renowned museums to enhance the already esteemed reputation of CryptoPunks and to broaden its appeal among art collectors,” Alegre stated. He emphasized that the company has tripled its efforts in community support, particularly for CryptoPunks.
Regarding the blue-chip NFT project, Bored Ape Yacht Club (BAYC), Alegre confirmed that Yuga Labs would continue to support offline events. “Supporting unique in-person events and fostering communities is vital,” he asserted.
In terms of partnerships, the Yuga Labs CEO revealed that the company has been selective, highlighting its multi-year collaboration with Gucci and a recently announced partnership with BAPE®. He also hinted at more collaborations to be unveiled in the near future.
Maintaining a strong interest in Otherside, Alegre reiterated that its development remains a significant focus for Yuga Labs. “We are accelerating the development process and creating distinctive and innovative digital experiences supported by robust and scalable technology,” he stated.
He acknowledged the technical and creative challenges involved in building an immersive metaverse platform and mentioned recent partnerships with Hadean and Big Rhino, as well as the acquisition of Roar Studios, as crucial steps towards achieving this goal.
In the ongoing legal disputes surrounding Yuga Labs and its BAYC NFTs, a U.S. appeals court raised doubts about dismissing the trademark lawsuit against artist Ryder Ripps on October 16. Ripps has been accused of creating replicas of Yuga Labs’ BAYC NFTs.
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