Yuga Labs, the creative force behind the Bored Ape Yacht Club NFT phenomenon, has successfully concluded its restructuring efforts, signaling a strategic shift towards the development of its highly anticipated metaverse project, Otherside.
The restructuring, which was initially unveiled at the beginning of October, has now been officially finalized, as announced by Yuga Labs CEO Daniel Alegre in a public statement shared on X (formerly Twitter). Alegre emphasized that this transformation is driven by the company’s commitment to navigate the ongoing challenges within the NFT industry.
“We now embark on the task of refining our focus with our newly configured teams,” Alegre stated, underscoring the company’s primary commitment to the development and execution of Otherside, a metaverse project that seamlessly combines gamification and interoperability. Alegre recognized the significant technical and creative complexities involved in creating an immersive metaverse platform.
Greg Solano, co-founder of Yuga Labs, had previously disclosed the restructuring on October 6, asserting that changes were necessary to ensure the company’s long-term success. While the exact number of employees affected by the restructuring was not disclosed, Yuga Labs remained dedicated to supporting departing team members with a transition package encompassing generous severance, Consolidated Omnibus Budget Reconciliation Act coverage, and assistance in finding alternative employment opportunities.
In the face of these industry and economic challenges, Alegre affirmed his commitment to treating departing Yuga team members with respect and gratitude. The impact of the restructuring on international teams is currently under review.
Yuga Labs’ restructuring news coincides with a U.S. appeals court expressing doubts about an attempt to dismiss the company’s trademark lawsuit against artist Ryder Ripps, who created derivative copies of Yuga’s BAYC NFTs. Additionally, a class-action lawsuit was filed in August 2023 by a group of BAYC investors against Yuga Labs and the fine arts auction house Sotheby’s, alleging deceptive promotion of the NFT collection by the auction house. Yuga Labs has yet to respond to Cointelegraph’s request for comment.