Amid a tumultuous market downturn within the NFT space, Yuga Labs, a leading NFT developer, is implementing a strategic restructuring plan. CEO Daniel Alegre, who has held the position for six months, has been actively engaging with the community and attending meet-ups to better understand the Yuga family.
This engagement has led to initiatives such as Made by Apes and a focus on elevating the CryptoPunks art form.
Yuga Labs Gives Insights Into Company’s Future
During his tenure, Alegre has attended numerous real-world events for BAYC, CryptoPunks, Meebits, and 10KTF in cities around the world.
Alegre shared:
“Since day one, I have made it a point to attend as many meet-ups as I possibly can. I take 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 the seamless execution of major initiatives.
Alegre explained,
“After spending time diving deep into everything we are doing and everything we value, it came down to three core priorities: Support our existing communities; Focus on our Otherside execution; Leverage partnerships to ensure a seamless execution of our big bets.”
Yuga Labs’ restructuring plan is a response to the realization that the team was spread too thin across numerous projects. Some of these teams were also outside their core competencies.
Bear Market Restructuring
The exact number of affected employees remains undisclosed, but the company promises comprehensive support, including severance packages and recommendations.
The strategic shift involves prioritizing partnerships and advancing key projects like Bored Apes. The endeavors will center around community development, particularly the Otherside project and various web3 initiatives powered by Yuga Labs.
Read more: How To Start NFT Trading: A Step-by-Step Guide
The company aims to commemorate the crypto art legacy through educational resources and integrate Meebits and 10KTF into the upcoming 2024 gaming venture, Otherside.
Despite the challenging industry backdrop, Yuga Labs remains committed to its mission to build culture on the blockchain. The company’s restructuring and refocusing efforts are a testament to its dedication to its communities, its art form, and its long-term success.
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