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Yuga Labs CEO Daniel Alegre confirmed the company's extensive restructuring, emphasizing the Otherside project, a gamified metaverse initiative.
Prioritizing Otherside in the Gamified Metaverse
Alegre emphasized the company's commitment to prioritize the execution of Otherside, a highly anticipated gamified and interoperable metaverse project that Yuga Labs initiated in March 2022. "Building an immersive metaverse platform encompasses significant technical and creative challenges," Alegre acknowledged.
He further highlighted that Otherside is a crucial focus for Yuga Labs, the company behind the renowned nonfungible token (NFT) project Bored Ape Yacht Club (BAYC), explaining that when the creative team introduced the concept for Meetropolis to the leadership team, it became an integral part of the Otherside experience.
Yuga Labs co-founder Greg Solano announced the restructuring on Oct. 6, indicating that strategic changes were necessary to ensure the company's long-term success. While Solano did not specify the number of team members affected by the reorganization, he confirmed that Yuga Labs remains committed to its over 120 employees and focuses on specific priorities, Investing reported.
Alegre expressed his dedication to treating departing employees with the respect and gratitude they deserve during the restructuring process, according to Cointelegraph.
He assured that Yuga Labs offered generous severance packages, Consolidated Omnibus Budget Reconciliation Act (COBRA) coverage, and assistance finding new job opportunities. Alegre acknowledged that the current economic landscape poses challenges for the industry and the global economy and that Yuga Labs is actively evaluating the impact on its international teams.
Trademark Lawsuit Progress
Investing noted that the restructuring news arrives amidst an ongoing legal battle between Yuga Labs and artist Ryder Ripps. An appeals court in the United States recently expressed skepticism about dismissing Yuga Labs' trademark lawsuit against Ripps over his copies of Yuga's BAYC NFTs.
Earlier, a group of BAYC investors filed a class-action lawsuit in August 2023, alleging that Yuga Labs and fine arts auction house Sotheby's engaged in deceptive promotions of the NFT collection. The legal proceedings shed light on the complex and evolving landscape surrounding NFTs.
Photo: Markus Spiske/Unsplash
