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CEO Daniel Alegre of Yuga Labs announced that following their recent restructuring, the company’s emphasis will now pivot towards the development of their metaverse platform, Otherside.

Alegre took to social media platform X to address the apprehensions and input from the diverse NFT communities of Yuga Labs. This came in light of the company’s earlier declaration about organizational restructuring and downsizing.

“The restructuring phase, challenging as it was, has wrapped up. We are channeling our energies towards optimizing our strategies with the revamped team setup,” stated Alegre.

Alegre highlighted three core goals for the reshaped team: nurturing the existing communities, spearheading the development of Otherside, and capitalizing on partnerships.

Reflecting on his half-year tenure at the company, Alegre admitted to a strained dynamic between Yuga Labs and CryptoPunks, an NFT series they acquired the previous year. To address this, concerted efforts have been amped up to bolster community relations.

“Our collaboration with leading museums has been scaled up to further elevate the stature of CryptoPunks and enhance its allure amongst art aficionados,” Alegre remarked. He underscored the tripling of the company’s community support initiatives, particularly for CryptoPunks.

Speaking about their premium NFT venture, Bored Ape Yacht Club (BAYC), Alegre assured that offline events would receive continued backing from Yuga Labs. He emphasized, “Facilitating one-of-a-kind IRL events and fostering community unity remains paramount.”

On the partnerships front, Alegre shared that Yuga Labs has been discerning in its choices, pointing to a prolonged alliance with Gucci and a new partnership with BAPE®. He also teased imminent announcements of further collaborations.

The Spotlight on Otherside

Alegre reaffirmed Yuga Labs’ commitment to the Otherside project. “We’re fast-tracking the project to deliver unparalleled and distinctive digital experiences underpinned by robust, scalable technology,” he asserted.

Alegre recognized the intricate blend of technical and artistic challenges inherent in crafting an immersive metaverse. He spotlighted the recent collaborations with Hadean and Big Rhino and the takeover of Roar Studios as milestones towards this vision.

In a recent update related to legal proceedings involving Yuga Labs and its BAYC NFTs, on Oct. 16, a U.S. appellate court probed the rationale behind dismissing the trademark lawsuit against artist Ryder Ripps. Accusations have been levied against Ripps for allegedly replicating Yuga Labs’ BAYC NFTs.