Yuga Labs announces a reorganization in an effort to advance the creation of the “Otherside” metaverse.
According to a recent post on X by Greg Solano, co-founder of Yuga Labs, the group behind the Bored Ape Yacht Club (BAYC) NFT collection, the company is restructuring in order to focus on its main cryptocurrency business, which includes the Otherside metaverse project.
Yuga Labs has reduced staff as part of the reorganization process, though the company hasn’t disclosed the precise number of workers impacted. Yuga Labs “lost its way,” according to Solano, and has to morph into a “smaller, more agile, and more cryptonative team.”
He referred to Yuga Lab’s early success as a result of “playing the game in easy mode” during the peak of NFT creator royalties. However, the simple mode has ended. According to Solano, Yuga Labs is currently “going from zero to one” and is “in hard mode” because of the amazing support of the community.
In order to concentrate its gaming efforts on 3D Otherside, Solano also disclosed that Yuga Labs is branching out with other projects, such as HV-MTL and Legends of the Mara (LoTM). The HV-MTL and LoTM brands were bought by gamebuilder Faraway, the company announced earlier this month.
Yuga Laboratories has experienced restructuring before. The corporation announced layoffs and a reorganization last October, with an emphasis on US personnel. Yuga Labs employed about 100 people worldwide at the time.
Yuga Labs’s attempts to stabilize
Following the popularity of BAYC, the business launched several other NFT collections, including Mutant Ape Yacht Club (MAYC) and Bored Ape Kennel Club (BAKC). Yuga Labs secured $450 million in March 2022, sponsored by Andreessen Horowitz (a16z), to construct “Otherside,” a gamified metaverse that will connect its different NFT collections.
However, BAYC’s sparkle began to fade during the cryptocurrency crash in 2022–2023. The prices fell, and some celebrity investors sold their NFTs.
According to NFT Price Floor, the floor price of one of these blue-chip NFTs fell below 11 Ether earlier this month, marking a more than 90% decrease from the collection’s high over two years ago.
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