Yuga Labs Restruction Now Underway To Focus On Otherside And Web3

Key Points:

• Yuga Labs restruction takes place for Otherside metaverse focus, involving layoffs and spin-offs.
• CEO Solano prioritizes agile crypto-native approach post-lost way realization.

Yuga Labs, the prominent player in the Web3 arena, has announced a significant restructuring aimed at streamlining operations and focusing on core projects.

Yuga Labs Restruction Launched For Otherside Metaverse

Yuga Labs restruction was unveiled by Yuga Labs co-founder Greg Solano, includes layoffs and voluntary departures as the company pivots towards game development for its 3D Otherside metaverse.

Under the leadership of Solano, who assumed the role of CEO in February, Yuga Labs will spin off HV-MTL and Legends of the Mara, assets previously acquired by Faraway. Spencer Tucker, Yuga’s chief gaming officer, joins Faraway as part of this transition. Solano emphasized that this move marks a strategic refocusing on Otherside, acknowledging that Yuga had “lost its way” and emphasizing the need for a smaller, more agile team with a crypto-native mindset.

Yuga Labs restruction comes on the heels of media veteran Won Kim joining Yuga Labs as head of brand partnerships. Kim, known for his previous roles at FiveStone, South China Morning Post, and Digg, brings a wealth of experience to the table, having founded the consulting agency and NFT fund Bored Room Ventures.

From Bored Apes to Otherside: Yuga’s Journey in the NFT Space

Yuga Labs, founded in early 2021, gained widespread attention with the launch of the Bored Ape Yacht Club (BAYC) NFT project on Ethereum three years ago.

Despite initial success, the company faced challenges, with BAYC’s value plummeting nearly 90% since its all-time high in May 2022. Nonetheless, Yuga remains a significant player in the Web3 space, with a renewed focus on driving innovation in the metaverse through its Otherside project.