Yuga Labs Completes Restructuring, Sets Focus on Metaverse Project Amid Legal Challenges
Summary:
Yuga Labs, the company behind the popular Non Fungible Token (NFT) venture Bored Ape Yacht Club (BAYC), has completed its corporate restructuring amid ongoing industry challenges. The company's CEO Daniel Alegre, via a social media announcement, highlighted that Yuga plans to prioritize the development of the Otherside project, a gamified metaverse initiative. Despite an undisclosed number of layoffs, Yuga maintains a team of over 120 employees focused on specific goals. The company has also been involved in a couple of legal battles, including a trademark lawsuit and a class-action suit for dishonest promotion of their NFT collection.
The main entity behind widely recognized Non Fungible Token (NFT) venture, Bored Ape Yacht Club (BAYC), Yuga Labs has announced a completion of its corporate restructuring amid ongoing industry adversities. The development was made public via Yuga's CEO, Daniel Alegre, through an announcement on social media platform X (formerly Twitter) on the 17th of October. Alegre announced the move towards establishing and streamlining the new team setups now that the restructuring was concluded. He reiterated the company's primary focus on delivering the Otherside project, an interoperable and gamified metaverse initiative they had embarked on since March 2022. Alegre acknowledged the technical and creative difficulties in developing an immersive metaverse platform, and expressed his utmost confidence in launching the anticipated Meetropolis concept for Otherside as a sure hit. In his words on October 6th, Greg Solano, co-founder of Yuga Labs, indicated that the restructuring was a necessity for the company’s long-term sustainability. He didn’t mention the number of employees that had to exit the company but maintained a strong team of over 120 staff members who are geared towards achieving specific goals. Alegre assured that those who had to leave due to restructuring were all recognized and shown appreciation for their services to the company. He further mentioned that Yuga's transition package included sizeable severance payment, Consolidated Omnibus Budget Reconciliation Act coverage and provided assistance for their next career moves. Yuga Labs maintains silence when asked to respond to Cointelegraph’s request for comment.A day ahead of the restructuring announcement, an appeal court in the U.S raised doubts about a motion to dismiss a trademark lawsuit filed by Yuga Labs against Ryder Ripps, an artist accused of replicating Yuga's BAYC NFTs. In a related incident from August 2023, Sotheby and Yuga Labs was also challenged with a class-action lawsuit by a group of BAYC investors. The suit claimed that Sotheby played a role in Yuga Labs' allegedly dishonest promotion of their NFT collection.
Published At
10/18/2023 8:12:26 AM
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