$APE $BUSD #NFT #CryptoPunks #BAYC
Amid a tumultuous market downturn within the NFT space, Yuga Labs, a leading non-fungible token developer, is implementing a strategic restructuring plan. Executive Director Daniel Alegre, who has been in the position for six months, has been actively interacting with the community and attending meetings to better understand the Yuga family.
This commitment has led to initiatives like Made by Apes and a focus on elevating the CryptoPunks art form.
Yuga Labs offers insights into the company's future
During his leadership, Alegre attended numerous real-world events for BAYC, CryptoPunks, Meebits, and 10KTF in cities around the world.
Alegre has stated:
“From day one, I have made it a point to attend as many meetings as possible. I took it all in and it has been invaluable”
Under Alegre's leadership, Yuga Labs has identified three core priorities: supporting existing communities, focusing on the Otherside project, and leveraging partnerships to ensure seamless execution of important initiatives.
Yuga Labs' main products include CryptoPunks, Bored Ape Yacht Club, Mutant Ape Yacht Club, and Otherdeed for Otherside. Source: NFT Price Floor
The CEO of Yuga Labs also explained:
“After spending time digging into everything we are doing and everything we value, it came down to three key priorities: supporting our existing communities; Focus on our execution on the Other Side; Leverage partnerships to ensure seamless execution of our big bets.”
Yuga Labs' restructuring plan is a response to the realization that the team was too spread out across numerous projects. Some of these teams were also outside their core competencies.
Restructuring in the middle of a bear market
The exact number of affected employees remains undisclosed, but the company promises comprehensive support, including severance packages and referrals.
The strategic shift involves prioritizing partnerships and promoting key projects like Bored Apes. Efforts will focus on community development, particularly the Otherside project and various Web3 initiatives driven by Yuga Labs.
The company aims to commemorate the legacy of crypto art through educational resources and integrate Meebits and 10KTF into the upcoming 2024 gaming venture, Otherside.
Despite the challenging industry context, Yuga Labs remains committed to its mission of building blockchain culture.
The company's restructuring and reorientation efforts are a testament to its dedication to its communities, its art form, and its long-term success.
