- Yuga Labs restructures to prioritize “Otherside,” its metaverse project.
- CEO Alegre highlights the importance of Otherside in Yuga Labs’ strategy.
- The restructuring aims to secure Yuga Labs’ long-term success, focusing on employee welfare.
In a strategic move to adapt to the rapidly evolving landscape of non-fungible tokens (NFTs) and the metaverse, Yuga Labs, the creative force behind the widely popular Bored Ape Yacht Club (BAYC) NFTs, has successfully completed a comprehensive restructuring.
The company, led by CEO Daniel Alegre, is now gearing up to concentrate its efforts on the development of its metaverse project known as “Otherside.”
Yuga Labs’ restructuring initiative, initiated in early October and officially confirmed on October 17, seeks to ensure the company’s longevity and relevance in the dynamic NFT industry. Under Alegre’s leadership, the company aims to refocus its teams and resources on the ambitious venture that is “Otherside.”
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
Creating an “immersive metaverse” platform, as described by Alegre, is a challenging endeavour that demands both technical and creative ingenuity. However, the Yuga Labs team is committed to the vision of Otherside. Alegre expressed his confidence in this metaverse project, stating, “Otherside is a very important bet for Yuga,” and that making it a centrepiece of their metaverse strategy was an obvious decision.
A coordinated restructuring effort and employee welfare
Yuga Labs co-founder Greg Solano initially disclosed the company’s restructuring on October 6, indicating that changes were necessary to ensure the company’s future success.
I’m sure many of you have seen the news that Yuga is undergoing a restructure today. Shit day obviously. Hurts to part ways with team members who have been in the trenches with us. But we needed to make some changes to the company in order to make sure we’re set up for longterm… https://t.co/RF0QGydqze
— Garga.eth (Greg Solano) (@CryptoGarga) October 6, 2023
While the specific number of employees affected by the restructuring was not disclosed, Solano emphasized that Yuga Labs continues to operate with over 120 employees, focusing on its defined priorities.
In the midst of this transformation, Yuga Labs is actively addressing the well-being of departing team members. The company is providing a comprehensive transition package that includes generous severance, healthcare coverage under the Consolidated Omnibus Budget Reconciliation Act (COBRA), and assistance in finding new job opportunities. Alegre reiterated his commitment to treating those leaving the company with the respect and gratitude they deserve.
This strategic shift within Yuga Labs is not only reflective of the challenges in the NFT industry but also aligns with the broader trends in the metaverse space. As the company forges ahead with Otherside, its impact on the rapidly evolving metaverse landscape remains to be seen, making it a development of significant interest within the NFT and blockchain community.