Yuga Labs, a prominent web3 company known for popular NFT collections like Bored Ape Yacht Club (BAYC) and CryptoPunks, has revealed its agreement to acquire tech innovator Roar Studios, aiming to strengthen its ambitious Otherside metaverse project.
The announcement, made on July 31, unveils Yuga Labs’ strategic move to integrate Roar Studios’ cutting-edge technology and expertise in gaming, social media, and the metaverse into its Otherside initiative. The Otherside project seeks to establish an interoperable metaverse that will revolutionize virtual experiences.
Following the acquisition, Roar Studios’ CEO, Eric Reid, will take on the role of General Manager of Otherside. With a notable background in building teams and curating film, television, and music content for global audiences, including contributions to film franchises like UNDERWORLD, Reid brings valuable expertise to lead the development and production of the Otherside platform.
Roar Studios, known for its immersive media platform ROAR, empowers artists and fans to connect, collaborate, and compete in real-time from anywhere. The platform combines proprietary technology with established MMO games and platform systems, creating an experiential, semi-autonomous music and entertainment world driven by content creators and community consensus.
Otherside, an ambitious interactive metaverse project, is focused on community participation and rejects the concept of traditional walled gardens in gaming spaces. The project’s success is evident, with a $450 million seed funding round in March 2022, valuing Yuga Labs at $4 billion.
By acquiring Roar Studios, Yuga Labs gains a team with a proven track record in redefining media content experiences in virtual environments. Daniel Alegre, CEO of Yuga Labs, welcomed Roar’s talented team to the Yuga family, emphasizing the alignment between Yuga’s vision and Roar’s expertise. The addition of Roar Studios is expected to accelerate the execution of Yuga’s bold vision for Otherside and its broader ecosystem.