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Yuga Labs’ Newcomer CEO Shares Strategy for BAYC, CryptoPunks & Otherside Products

2 mins
Updated by Kyle Baird
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In Brief

  • Amid the NFT market downturn, Yuga Labs is restructuring, focusing on supporting communities, the Otherside project, and leveraging partnerships.
  • CEO Daniel Alegre has been engaging with the community and attending meet-ups, leading to initiatives such as Made by Apes.
  • Despite industry challenges, Yuga Labs remains committed to building culture on the blockchain, with efforts to integrate Meebits and 10KTF into the 2024 gaming venture.
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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.

Top Yuga Labs products include CryptoPunks, Bored Ape Yacht Club, Mutant Ape Yacht Club, and Otherdeed for Otherside. Source: NFT Price Floor
Top Yuga Labs products include CryptoPunks, Bored Ape Yacht Club, Mutant Ape Yacht Club, and Otherdeed for Otherside. Source: NFT Price Floor

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.

Top crypto platforms in the US | February 2024

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