New Yuga Labs CEO Seeks to Revitalize NFTs Through Games and Events
- NFTs have a bright future, according to Daniel Alegre, who joined Yuga Labs as CEO last month.
- Alegre said that the firm intends to expand user access to its games as well as enable other companies to create goods and events for Otherside.
According to Bloomberg News, Daniel Alegre, Yuga Labs’ new CEO, said in an interview that NFT has a bright future since it is the key to the worlds of gaming, events, and e-commerce.
Alegre said that the firm intends to expand user access to its games as well as enable other companies to produce goods and events for Otherside. He’s spent most of his time since joining the company reorganizing Yuga to seem more like a regular business, spinning out each NFT collection into its own mini-franchise.
A dearth of quality games that can compete with titles from established publishers has been a concern for Yuga and Web3 game makers in general, which Alegre aims to address. He said that the corporation is currently debating whether to expand its brand beyond online and mobile games and into consoles.
According to a recent analysis by DappRadar, Yuga Labs, the inventor of the Bored Ape Yacht Club, continues to dominate the NFT industry, accounting for roughly 35% of all NFT trade volume for the six months from October 2022 to March 2023.
Yuga Labs bought the CryptoPunks and Meebits NFT project Property from original inventor Larva Labs in 2022, in addition to the Bored Ape Yacht Club and its affiliated collections, including the Mutant Ape Yacht Club and Otherside metaverse gaming land rights.
Dookey Dash, the company’s most recent game, earned remarkable average revenue per user stats. Though the game was free to play as long as players had one of Yuga’s NFTs, money was made through selling passes to strangers and in-game add-ons. Alegre refused to provide exact data.
Part of Yuga’s attraction, according to Alegre, is that it has worked hard to build a brand that draws prominent people and keeps them engaged, something he believes gaming developers have yet to do.
“Realistically, large gaming companies would have to fundamentally upend their economic model in order for them to really think about how others can own part of the ecosystem,” he said.
Yuga Labs achieved a landmark legal win for Web3 last week when a federal court decided in its favor against artist Ryder Ripps and ally Jeremy Cahen. The couple had created RR/BAYC, a spoof of Yuga’s endeavor, as a copycat collection of the Bored Ape Yacht Club.
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