NFT BAYC Developer, Yuga Labs Completes Company Restructuring

Yuga Labs, carry out restructuring. (photo: jugalabsgaming)

Yuga Labs, the company behind the famous Bored Ape Yacht Club (BAYC) nonfungible token (NFT) project, has completed the ongoing restructuring and challenges in the industry.

Yuga Labs CEO Daniel Alegre announced on October 17 via platform X (formerly Twitter) that the company had completed the restructuring announced in early October.

"We are now starting the task of improving focus with the configuration of our new team," said Alegre, stressing that the company will prioritize the execution of Otherside, a game-concept and interoperability metaverse project that Yuga will start in March 2022.

Alegre stressed that building a deep "metaverse" platform is difficult, both technical and creative.

"Otherside is a very important bet for Yuga, and when our creative team brings the Meetropolis concept to my leadership team, making it a superior experience for Otherside feels very easy," Alegre said, quoted by Cointelegraph.

Yuga Labs founder Greg Solano previously announced the company's restructuring on October 6, stating that Yuga "needs to make some changes" to ensure that the company is ready for long-term success.

"Through this restructuring, Yuga still has more than 120 employees, and focuses on certain priorities," said Solano. He did not mention how many people had to leave Yuga Labs as part of the restructuring.

Alegre also emphasized that its top priority during the restructuring was "ensuring that those leaving Yuga are treated with respect and proper gratitude." He claimed that Yuga's transitional package included sufficient "severance", the scope of the Consulated Omnibus Budget Reconciliation Act, and assistance in finding new job opportunities.

"This is a challenging time, not only for our industry, but also for the global economy. [...] Today's restructuring has an impact on US team members, and we are reviewing its impact on our international team," Alegre said.

The news comes as the US appeals court on October 16 expressed skepticism about efforts to dismiss the Yuga Labs trademark lawsuit against artist Ryder Ripps over a copy of BAYC Yuga's NFT.

Earlier, a group of BAYC investors filed a claim action lawsuit against Yuga Labs and auction house Sotheby's art in August 2023, alleging that the auction house helped Yuga Labs "promot in a misleading way" the NFT collection.