Yuga Labs' CEO Announces Restructuring to Prioritize Otherside Development

Yuga Labs Completes Restructuring and Focuses on Otherside Development

Yuga Labs CEO Daniel Alegre announced that the company has finished its restructuring process and will now concentrate on developing its metaverse extension, Otherside. Alegre addressed the concerns and feedback from Yuga Labs’ NFT communities in a social media post, emphasizing that the restructuring is complete and the team is refining its focus with new configurations. The team’s top priorities include supporting existing communities, executing Otherside, and leveraging partnerships.

Picky on Partnerships

Alegre mentioned that Yuga Labs is selective when it comes to partnerships for its blue-chip NFT project, Bored Ape Yacht Club (BAYC). The company will continue to support offline events for BAYC as they believe it is crucial to bring the community together. Alegre highlighted their engagements with Gucci and BAPE® as examples and hinted at more upcoming collaborations.

Continued Focus on Otherside

Alegre reiterated that Yuga Labs’ main focus will be on developing Otherside. They aim to create immersive digital experiences supported by robust technology. Recent announcements, such as partnerships with Hadean and Big Rhino, as well as the acquisition of Roar Studios, all contribute to accelerating the evolution of Otherside. Alegre acknowledged that building a metaverse platform is challenging but essential for connecting communities.

Hot Take: Yuga Labs Prioritizes Otherside Development while Supporting Communities

Yuga Labs has completed its restructuring process and will now dedicate its efforts to developing Otherside, their metaverse extension. Despite previous strained relationships with CryptoPunks, Yuga Labs has tripled down on community support and engagement. Additionally, they are highly selective with partnerships for their Bored Ape Yacht Club project, focusing on unique collaborations such as Gucci and BAPE®. The company’s commitment to Otherside development is evident through various partnerships and acquisitions aimed at creating a robust digital experience platform. While the floor price of BAYC has declined this year, Yuga Labs remains optimistic about the future.