Yuga Labs, the company behind the Bored Ape Yacht Club NFTs, has wrapped up its restructuring efforts to confront industry challenges and place its focus on the upcoming metaverse project, Otherside.
Daniel Alegre, the CEO of Yuga Labs, shared the news on X (formerly Twitter) on October 17, confirming the completion of the restructuring announced in early October. Alegre emphasized the company’s commitment to prioritize the development of Otherside, a gamified and interoperable metaverse project initiated by Yuga in March 2022.
Building an immersive metaverse platform is a complex endeavor both technically and creatively, according to Alegre, who stated that Otherside is a vital venture for Yuga. He expressed confidence in the concept of Meetropolis becoming a centerpiece experience for Otherside.
The co-founder of Yuga Labs, Greg Solano, had previously revealed the restructuring on October 6, explaining that changes were necessary for the company’s long-term success. While the exact number of employees affected by the restructuring was not disclosed, Yuga Labs is still comprised of over 120 employees, with a clear focus on specific priorities.
During the restructuring, CEO Alegre made it a top priority to ensure that departing employees were treated with respect and provided generous severance packages, coverage under the Consolidated Omnibus Budget Reconciliation Act, and assistance in finding new job opportunities. Alegre also acknowledged the challenges faced by the industry and the global economy, emphasizing that the restructuring affected U.S. team members, with a review underway regarding its international teams.
In parallel developments, a U.S. appeals court showed skepticism on October 16 regarding an attempt to dismiss Yuga Labs’ trademark lawsuit against artist Ryder Ripps concerning his copies of Yuga’s BAYC NFTs.
Notably, in August 2023, a group of BAYC investors filed a class-action lawsuit against Yuga Labs and the fine arts auction house Sotheby, alleging deceptive promotion of the NFT collection with the auction house’s assistance.
