July 15, 2024
Yuga Labs' Quest for Metaverse Success: Balancing NFT Collections and Ambitious Projects

Yuga Labs’ Quest for Metaverse Success: Balancing NFT Collections and Ambitious Projects

Late Tuesday night, Yuga Labs CEO Daniel Alegre posted a lengthy essay on Twitter (also known as X), in which he discussed the company’s difficulties and flaws with game production, especially for its upcoming metaverse title Otherside.

“While Dookey Dash was a fun game and experience, we have fallen well short of expectations with Forge,” Alegre wrote, referring to the startup’s HV-MTL Forge game.

HV-MTL Forge, a communal building and mech management game, was released in June. In it, players build tiles, clean up after their NFT robots when they poop, and vote on the surroundings that other players have made. It hasn’t generated nearly as much social media excitement as the popular and fiercely competitive Dookey Dash.

Yuga Labs has also recognized the technical concerns with its most recent game, Legends of the Mara (LotM), which recently had server problems and outages due to maintenance.

“The lessons that we are actively learning are that we need to rely on seasoned gaming partners to help build our experiences,” Alegre stated.

This is one of the reasons Yuga Labs recently underwent a “restructuring,” which included terminating several U.S. employees two months after acquiring Roar Studios.

Alegre’s lengthy Twitter post covered his observations regarding all of the cryptocurrency company’s NFT initiatives and collections over the previous six months, from the introduction of the Bitcoin Ordinals “TwelveFold” NFT collection to the “strained” relationship Alegre observed between the owners of the CryptoPunks NFTs and Bored Ape NFTs when he first joined the company in December 2022.

Even while the Otherside metaverse is an ambitious project—a crypto-powered game that employs ApeCoin and combines metaverse sociability with MMORPG elements—the former Activision executive highlighted that he doesn’t want Yuga Labs to be seen as a “gaming company per se.”

“Yet I do want to enable gaming and other digital experiences that our current and potential holders will find rewarding and fun, and can help expose broader audiences to our brands,” Alegre stated.

The eight-month gap between Yuga’s first and second playtests of Otherside was also noted by the CEO of Yuga, who said that “we could have done better” by allowing more Yuga Labs NFT holders to participate in the test. There were around 7,200 participants in the Second Trip playtest.

“The evolution between the First and Second Trips was also not where it needed to be,” he stated. “We needed to make changes—and quickly—to live up to the expectations of what Otherside can and should be.”

Meebits, the voxel-style NFTs brand that Yuga acquired from Larva Labs at the beginning of 2022 together with the CryptoPunks IP, is in “a difficult situation,” according to the CEO.

“From a business perspective, the brand has not flourished,” Alegre stated of Meebits.

To aid with this, Yuga has created “Metropolis,” a realm with buildings and mazes made in the voxel format where Meebits may fly. Alegre highlighted when announcing the change that Meebits will also be managed going forward by the Otherside team.

With its collaboration with spatial computing company Hadean, game studio Faraway, Big Rhino, and its acquisition of Roar, Yuga Labs is seeking outside partners going ahead to assist in constructing and enhancing its future gaming experiences.

“While there is no doubt that the industry backdrop is challenging in the immediate term, I am focused on building and delivering for the long term,” Alegre concluded.

Image: Wallpapers.com

Disclosure Statement: Miami Crypto does not take any external funding, or support to bring crypto news to the readers. We do not have any conflicts of interest while writing news stories on Miami Crypto.

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