Digital studio #YugaLabs has announced a restructuring of its business, which includes layoffs and the implementation of the "Otherside" strategy. Key developments will focus on Web3 platform components and the expansion of the Otherside collection. The Meebits and 10KTF projects will become integral parts of this product.

The studio's leadership confirmed that several positions have been eliminated, leading to staff reductions. Representatives emphasized that the company has taken many significant steps over the past year, including implementing various initiatives and signing agreements with partners to bring the team's vision to life.

Throughout this year, the studio has also launched numerous products, such as Dookey Dash, Twelvefold, Made by #Apes , Punks Legacy Project, and has synergized with brands like Gucci and BAPE. They've also hosted IRL events in New York, Korea, Tokyo, Austin, Singapore, and Paris. "Besides these wins, there have been a few tough situations, particularly in game implementation. We realized that we are not optimized for creating and managing such forces," noted the company.

It has been revealed that last week, the Yuga Labs team gathered in New York to determine the studio's future direction. The focus will now be on expanding and supporting the growth of internal communities and enhancing brand interactions. The key emphasis is on developing the #NFT project, Otherside.

Additionally, attention will be given to the development of the Bored Ape Yacht Club ( $BAYC ). The Yuga Labs team will support the expansion of the "ape universe" and other projects aimed at extending this product. Plans are in place to actively scale the cultural heritage and host the 1st ApeFest in Hong Kong in a few weeks. In 2024, the studio will also release a large, universal game. Regarding #CryptoPunks , the company will undertake serious efforts to enhance and optimize the Punks application.