Sunday, 3 December 2023

Crypto News

Yuga Labs shifts focus to metaverse project “Otherside” after restructuring

Yuga Labs shifts focus to metaverse project "Otherside" after restructuring

  • 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.”

Prioritizing 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.”

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. 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.

Click Here to Read the Full Original Article at CoinJournal: Latest Bitcoin, Ethereum & Crypto News…