[Yuga Labs announces reorganization to promote the development of the "Otherside" metaverse]
Yuga Labs, the team behind the Bored Ape Yacht Club (BAYC) NFT series, is undergoing a corporate reorganization to focus on its core crypto business, including virtual reality project Otherside. Co-founder Greg Solano pointed out on social platform
Solano believes that the simple operating model during the company's startup period is no longer applicable, and Yuga Labs is now in a more challenging "hard mode." He revealed that the company will spin off other projects such as HV-MTL and Legends of the Mara (LoTM) to focus on the development of 3D Otherside games, which were acquired by game maker Faraway earlier this month.
This reorganization is not the first time Yuga Labs has adjusted its structure. The company also laid off employees in October last year, when it had about 100 employees worldwide. Yuga Labs is well-known for creating high-value NFT projects such as Bored Ape Yacht Club (BAYC), which raised US$450 million in funding led by Andreessen Horowitz (a16z) in March 2022 to develop the gamified virtual reality "Otherside".
However, as the cryptocurrency market slumps in 2022-2023, BAYC's value has declined, with the floor even falling below 11 Ethereum at one point, down more than 90% from its highs nearly two years ago. This reflects the volatility of the market and the challenges facing the cryptocurrency industry.
