Yuga Labs, who created the Bored Ape Yacht Club NFT project, has finished reorganizing their company to focus on their new metaverse project, Otherside. CEO Daniel Alegre said the company finished making changes and is focused on creating a metaverse platform. He also promised to help the employees who are leaving the company.
Yuga Labs started making changes in October because they recognized that the NFT industry is facing new challenges. Greg Solano, one of the founders, said on October 6 that the changes were made to help the company be successful in the long run. The company has more than 120 employees, but it did not say how many were affected.
Alegre said it was important for the company to restructure and focus on their metaverse project, Otherside. This big project started in March 2022. It aims to create a fun and connected virtual world.
Alegre said it’s hard to make a metaverse because there are lots of technical and creative problems. He believed in Otherside’s ability to succeed, saying,
“Yuga thinks Otherside is a big opportunity, and when our team suggested Meetropolis, making Otherside a key part of it seemed like a sure thing. ”
The company is changing its strategy to keep up with the changes in the NFT and metaverse industries. They want to create new and exciting things for their customers.
Yuga Labs is working on creating a virtual world and taking care of its employees.
During the changes at Yuga Labs, the company focused on taking care of its employees who were leaving. Alegre promised that the people who are leaving the company will be treated nicely and appreciated. Yuga Labs is offering a package to help people who are leaving the company. It includes a good amount of money when they leave, health insurance continuation, and help finding a new job.
Alegre recognized that the industry and the global economy are going through tough times. The company is committed to handling this transition with care.
The announcement comes at the same time as Yuga Labs is facing legal problems. A United States. The appeals court, on October 16, seemed unsure about the attempt to throw out Yuga Labs’ lawsuit against artist Ryder Ripps for copying BAYC NFTs.
Yuga Labs had to deal with two lawsuits in August 2023. One was about their trademark and the other was a class-action lawsuit. The investors of BAYC said that Yuga Labs and Sotheby had tricked them when promoting the NFT collection. Industry experts are watching these legal issues very carefully.
