Yuga Labs, the visionary force steering the NFT phenomenon known as the Bored Ape Yacht Club, has successfully undergone restructuring, redirecting its focus towards the impending metaverse venture, Otherside.
CEO Daniel Alegre, taking to X (formerly Twitter) on Oct. 17, disclosed the finalization of the restructuring process, a decision unveiled in early October.
“As we embark on refining our focus with the newly configured teams,” Alegre stated, underscoring the company’s commitment to prioritize the development of Otherside—a metaverse project with gamified and interoperable features initiated by Yuga in March 2022.
Highlighting the challenges inherent in building an “immersive metaverse” platform, Alegre acknowledged the intricate nature of the task, both technically and creatively. He emphasized the significance of Otherside, citing it as a pivotal venture for Yuga Labs:
“Otherside stands as a crucial commitment for Yuga. When our creative team presented the Meetropolis concept to my leadership team, integrating it as a centerpiece experience for Otherside felt like an unequivocal success.”
Greg Solano, co-founder of Yuga Labs, had previously announced the company’s restructuring on Oct. 6, citing the necessity for changes to secure long-term success.
“With this reorganization, Yuga, maintaining a workforce of over 120 employees, is channeling its focus towards specific priorities,” Solano noted, refraining from specifying the number of individuals affected by the restructuring.
Alegre, during the restructuring, emphasized his primary concern—ensuring that those departing from Yuga are treated with the respect and gratitude they deserve. He outlined Yuga’s transition package, encompassing “generous severance,” Consolidated Omnibus Budget Reconciliation Act coverage, and assistance in securing new job opportunities. Alegre commented on the challenging circumstances, not only within the industry but also amid the global economic landscape, and acknowledged the impact on both U.S. and international teams.
As of the time of writing, Yuga Labs had not responded to Cointelegraph’s request for comment.
This development unfolds against the backdrop of a U.S. appeals court expressing skepticism on Oct. 16 regarding attempts to dismiss Yuga Labs’ trademark lawsuit against artist Ryder Ripps over his replicas of Yuga’s Bored Ape Yacht Club NFTs. Earlier in August 2023, a collective of Bored Ape Yacht Club investors filed a class-action lawsuit against Yuga Labs and fine arts auction house Sotheby’s, alleging that the auction house had assisted Yuga Labs in “deceptively promoting” the NFT collection.
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