BAYC creator Yuga Labs completes restructuring to focus on metaverse
Yuga Labs, the company behind the major nonfungible token (NFT) project Bored Ape Yacht Club (BAYC), has completed restructuring amid the ongoing challenges in the industry.
Yuga Labs CEO Daniel Alegre took to X (formerly Twitter) on Oct. 17 to report that the company has finalized its restructuring, which was announced in early October.
“We now begin the task of refining the focus with our new team configurations,” Alegre said, reiterating that the company will prioritize the execution of Otherside, a gamified and interoperable metaverse project that Yuga started in March 2022.
Alegre emphasized that building an “immersive metaverse” platform is hard both technically and creatively, adding:
Yuga Labs co-founder Greg Solano previously announced the company’s restructuring on Oct. 6, stating that Yuga “needed to make some changes” in order to ensure that it’s set up for long-term success.
“With this reorg, Yuga is still over 120 employees, and is focused on specific priorities,” Solano said. He didn’t specify how many people had to leave Yuga Labs as part of the restructuring.
Alegre also assured that his top priority during restructuring was to “ensure that those leaving Yuga are treated with the respect and gratitude they deserve.” He claimed that Yuga’s transition package included “generous severance,” the Consolidated Omnibus Budget Reconciliation Act coverage and assistance in finding new job opportunities. The CEO added:
Yuga Labs did not immediately respond to Cointelegraph’s request for comment.
Related: Microsoft’s Activision buy may see more metaverse in the office and crypto in gaming
The news comes amid a U.S. appeals court on Oct. 16 expressing skepticism about an attempt to dismiss Yuga Labs’ trademark lawsuit
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