March 27, 2024
Yuga Labs, NFTs completes a successful restructuring, refocusing on Otherside metaverse.
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Yuga Labs Completes Restructuring to Navigate NFT Industry Challenges

Yuga Labs, the firm responsible for the prominent nonfungible token (NFT) project Bored Ape Yacht Club (BAYC), has successfully completed its restructuring in response to the ongoing challenges within the industry.

On October 17, Yuga Labs CEO Daniel Alegre took to X (formerly Twitter) to announce the completion of the restructuring, which had been initially announced in early October.

Alegre stated that they are now embarking on the task of fine-tuning their focus with the new team setups, reiterating the company’s commitment to prioritizing the development of Otherside, a gamified and interoperable metaverse project initiated by Yuga in March 2022.

He stressed that the creation of an immersive metaverse platform presents technical and creative challenges, adding that Otherside is of great importance to Yuga, and when their creative team presented the concept of Metropolis to the leadership team, making it a flagship experience for Otherside was a clear decision.

Yuga Labs co-founder Greg Solano had previously disclosed the company’s restructuring on October 6, citing the necessity for changes to ensure long-term success for Yuga. He mentioned that, following the reorganization, Yuga still employs more than 120 people and has a specific set of priorities. However, he did not specify the number of individuals who had to depart Yuga Labs as part of the restructuring.

Alegre also emphasized that his primary concern during the restructuring process was to ensure that those leaving Yuga are treated with the respect and appreciation they deserve. He claimed that the transition package for Yuga includes generous severance, coverage under the Consolidated Omnibus Budget Reconciliation Act, and assistance in locating new job opportunities. The CEO added by saying that these are challenging times, not just for their industry but also for the global economy. The restructuring today affects U.S. team members, and they are actively assessing its impact on their international teams.

Image by pixabay

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