Yuga Labs has finalized its restructuring process, as noted by its CEO, Daniel Alegre, via a social media post. The CEO confirmed that the company had faced persistent challenges in the industry, necessitating a change in their team configuration.
He reasserted that the company’s primary focus would now be centered on the development of Otherside, an immersive metaverse project that Yuga initiated earlier this year. “Building an immersive metaverse platform is hard – both technically and creatively,” Alegre added, hinting at the complexity of the task they’ve embarked on.
Yuga Labs co-founder, Greg Solano, had previously shed light on the company’s restructuring process, stating that the company had to adapt in order to ensure its long-term success. Despite the recent changes, Yuga Labs still boasts over 120 employees that are committed to the company’s specific priorities.
While the exact number of people was not discussed, Alegre provided assurances that the outgoing staff were treated with respect and gratitude. He reported that Yuga’s transition package encompassed “generous severance,” the Consolidated Omnibus Budget Reconciliation Act coverage and assistance in finding new job opportunities. The restructure also affected U.S. team members, and the impacts on the international teams are currently under review given the difficult times faced by the global economy.
As the company shifts focus to the metaverse, it does so amidst ongoing legal disputes. Yuga Labs is currently entangled in a trademark lawsuit over copies of its BAYC NFTs. Also, a group of BAYC investors has filed a class action lawsuit against Yuga Labs and fine arts auction house Sotheby’s over allegations that Sotheby’s helped Yuga Labs in deceptively promoting the NFT collection.
Parallel to these legal concerns, Yuga Labs has not lost its focus on community support, a top priority, and aims to continue their offline events support for Bored Ape Yacht Club. In addition, the company hopes to leverage partnerships to execute their vision for Otherside, including a collaboration started earlier this year with Gucci. Alegre has signified Yuga’s intent to develop unique and differentiated digital experiences, supported by robust and scalable technology.