Despite facing market challenges, the creator of the Bored Ape Yacht Club intends to continue concentrating on its Otherside metaverse project.
According to a recent post on X (formerly Twitter) by Greg Solano, co-founder of Yuga Labs, the group behind the Bored Ape Yacht Club (BAYC) NFT collection, the company is restructuring to focus on its core cryptocurrency business, which includes the Otherside metaverse project.
Also read: Mixed Feelings Abound as Yuga Labs Demonstrates the ‘Otherside’ Metaverse
Solano disclosed that this choice was made after carefully evaluating the company’s course, which he claimed had become disoriented. He stated that they need to be more compact, nimble, and totally focused on cryptocurrency to get back on track.
gm, really tough day today. I am hellbent on transforming yuga and getting us back to our roots, and that means making hard decisions. by far the hardest is saying goodbye to some talented team members. here was my message to the team this morning. pic.twitter.com/gBkoNf2iK3
— Garga.eth (Greg Solano) 🍌 (@CryptoGarga) April 26, 2024
Focusing on Metaverse Otherside
This staff reduction results from Yuga Labs’ attempts to concentrate more on the metaverse Otherside project, which is anticipated to be the primary engine of the business’s future expansion.
Solano added, “We have started several restructuring steps, including separating the HV-MTL and Legends of the Mara, which are now the responsibility of the gaming firm Faraway. This allows us to allocate our resources and energy entirely to the development of Otherside.”
He referred to Yuga Lab’s early success as a result of “playing the game on easy mode” during the peak of NFT creator royalties. However, the easy mode had ended. According to Solano, Yuga Labs is currently “going from zero to one” and is “in hard mode” thanks to the fantastic support of the community.
Solano also disclosed that Yuga Labs is branching out with other projects, such as HV-MTL and Legends of the Mara (LoTM), to concentrate its gaming efforts on 3D Otherside. The company announced earlier this month that gamebuilder Faraway acquired the HV-MTL and LoTM brands.
Yuga Labs has previously undergone restructuring. Last October, the company announced layoffs and a reorganization focusing on US employees. At the time, Yuga Labs employed about 100 people worldwide.
Yuga Labs is announcing a restructuring that will better focus our team on our core priorities. While certain roles have been impacted, these changes are necessary to evolve as an organization.
For more see a note written by @dalegre on our https://t.co/722YfqwaCB official blog.— Yuga Labs (@yugalabs) October 6, 2023
Yuga Labs’s attempts to stabilize
Yuga Labs’s future vision centers on Others, which is expected to propel the company back to the forefront of innovation in the NFT and metaverse domains. Fans of NFT and the cryptocurrency world are eager to see what Yuga Labs, which has grown to be a significant player in the global blockchain ecosystem, will unveil next.
One of the most valuable and well-known NFT projects to date is the Bored Ape Yacht Club (BAYC) NFT collection, which Yuga Labs created.
The company released several more NFT collections after BAYC’s success, including Bored Ape Kennel Club (BAKC) and Mutant Ape Yacht Club (MAYC).
Yuga Labs, directed by Andreessen Horowitz (a16z), raised $450 million in funding in March 2022 to create “Otherside,” a gamified metaverse that will incorporate its numerous NFT collections.
However, after the 2022–2023 cryptocurrency downturn, BAYC’s shine started to wane. As the prices dropped, some famous supporters sold their NFTs.
According to data from NFT Price Floor, one of these blue-chip NFTs saw its floor price fall below 11 Ether earlier this month. This represents a 90%+ decline from the collection’s peak almost two years ago.
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