Yuga Labs Restructuring For ‘Otherside’ Metaverse Development
Yuga Labs, the creators of the Bored Ape Yacht Club (BAYC) NFT collection, has announced a restructuring to focus on its core crypto business, including the Otherside metaverse project. The company has reduced its workforce to become a smaller, more agile, and cryptonative team.
The company is now “in hard mode” and is going from zero to one with the community’s support. Yuga Labs is also spinning out other projects, including HV-MTL and Legends of the Mara (LoTM), to focus its gaming efforts on 3D Otherside.
The company has undergone restructuring before, last October, with layoffs focused on US employees. The Bored Ape Yacht Club NFT collection, which has become one of the most valuable and prominent NFT projects, was raised $450 million in funding in March 2022 to develop “Otherside,” a gamified metaverse that will integrate its various NFT collections.
(With inputs from Shikha Singh)
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