On October 18, Yuga Labs CEO Daniel Alegre issued a long tweet stating that the company’s restructuring had been completed.
In this long tweet, Alegre reviewed his six-month journey as CEO of Yuga Labs, and pointed out the three core priorities that should be paid attention to now, namely supporting the existing community, focusing on Otherside and maintaining good partnership. Although difficult, the reorganization is complete and we now begin to realign our focus with a new team configuration.
Previous layoffs attracted attention, and the team called it a better focus on the core
On October 6, Yuga Labs announced that it would conduct a team reorganization to better focus its team on core priorities. Yuga Labs said transition packages for departing employees include generous severance packages, COBRA health insurance coverage and assistance in finding new job opportunities. Meetings for affected US employees have been scheduled for today and are currently being held with affected employees, their department heads, and the HR team.
In fact, in this layoff, the brands most affected may be 10 KTF owned by Yuga Labs and the acquired Meebits. In the reorganization, the teams of these two NFT projects will become part of Otherside. So it may be considered that this layoff was carried out for the development of Otherside.
Focusing on “Otherside”, Yuga Labs’ ups and downs in the Metaverse
Otherside is a Yuga Labs metaverse project that carries Yuga Lasbs grand vision in the NFT field. In March 2022, Yuga Labs on social mediaAnnounceIn the promotional video for its new project Otherside, the NFT series featured in the video include famous brands such as Bored Ape Yacht Club and CryptoPunks.
Otherside formalstart upAt 0:00 on May 1, Beijing time, the Otherside minting activity temporarily caused Etherscan to be inaccessible. According to etherscan datashow, starting at 9 a.m. on May 1, Beijing time, the gas fee generated by OTHR Token on The Otherside in the past three hours was nearly 40,000 ETH, exceeding US$100 million, accounting for 61% of the gas fee of the entire Ethereum network.
In addition, the transaction volume of Otherside virtual land Otherdeed NFT exceeded US$500 million on the second day, and as of May 18breakthrough$900 million.
According to BlockBeats news, on June 20, 2023, according to on-chain analyst Ember Monitoring, the 16.78 million APE obtained by the Yuga Labs metaverse project Otherside from the sale of land parcels on May 1 last year were transferred 2 hours ago. This 16.78 million APE was worth US$335 million when the land was sold on May 1 last year, and is now worth US$34 million, only 1/10 of that time.
Although Othersides popularity only lasted for a few months, like all NFT products, it was unable to avoid sluggish transaction volume during the Web3 winter. But even when the transaction volume dropped to only $5 million, Yuga Labs still valued the significance of Otherside as a metaverse platform.
On August 29, Eminem and Snoop Dogg performed the well-known single From the D to the LBC for the MTV Video Music Awards on the Metaverse platform Otherside, switching between BAYC and avatars from time to time during the performance. image.
Not only that, last October, Improbable, the development company behind Otherside, was to raise $111 million (£100 million) in a new round of financing, valuing the latest round at $3.36 billion (£3 billion).
Daniel Alegre, CEO of Yuga Labs, once said in an interview, It is difficult to build an immersive Metaverse platform - both technically and creatively. From the cooperation with Hadean and Big Rhino to the acquisition of Roar Studios. All of this is to accelerate the development of Otherside so it can become a digital connection and experience platform for our Yuga community and beyond.
On March 26 this year, Yuga Labs announced the launch of the Otherside: 2nd Trip event. Voyagers and invited guests need to go to the Infinity Room and prepare to enter the 2nd Trip. In a previous introduction to the event, Yuga Lasb said that this update will introduce new game links and new mechanisms, and provide more gamification options and high-energy entertainment. BAYC, MAYC and Meebits holders can all play in the game. Use NFT avatars directly.
On March 27, Gucci announced a partnership with Yuga Labs. This cooperation aims to explore the interaction of fashion and entertainment in the metaverse and expand the interaction between the communities of the two companies. Robert Triefus, senior executive vice president of Gucci and CEO of Gucci Vault and Metaverse Ventures, said that Gucci will play a role in the ongoing narrative of Otherside and 10 KTF. Gucci is expected to participate in Yuga Labs metaverse game Otherside this week.
On July 31, Yuga Labs announced the acquisition of immersive media experience developer Roar Studios. Roar Studios team of audio, gaming and artificial intelligence engineers are the developers of the immersive media experience ROAR, combining innovative proprietary technology with established MMO gaming and platform systems.
In addition, Eric Reid, founder and CEO of Roar Studios, will also join Yuga Labs as general manager of its Metaverse game Otherside.
On September 20, Yuga Labs announced multiple strategic partnerships aimed at promoting the development of Otherside, including Hadean, AccelByte, Bad Rhino Studios, and Faraway. Among them, Metaverse infrastructure developer Hadean is able to provide optimization technology for high-fidelity virtual experiences on Yugas platform. On October 9, Yuga Labs participated in Hadeans new round of financing.
Explore NFT development in multiple directions: co-branding, decryption, games, and documentary filming
Before the layoffs and reorganization, in addition to Otherside, Yuga Labs had tried its best to develop various methods to develop the NFT ecosystem.
On April 26, Yuga Labs launched the Grailed PUMA Slipstream NFT series corresponding to physical sneakers. To qualify for the Grailed PUMA Slipstream Mint Pass, users must hold 10 KTF of PUMA Nitro, Gucci Grail or completed Level 1 or Level 2 .
On September 5, Yuga Labs announced the launch of the decryption series Moon Puzzle based on its Bitcoin NFT series TwelveFold. From now on, it will release a Moon Puzzle every week for twelve weeks. The first person to solve the problem will be rewarded with 0.12 BTC. The last puzzle Sun Puzzle will be released on the thirteenth week, and its reward is the work of Yuga Twelvefold Ordinals. Participating users need to engrave their answers on satoshis (Satoshi) and submit them. There is no participation threshold.
On September 15, Yuga Labs announced that it would cooperate with design company Zak Group to launch the Punks As Told By CryptoPunks documentary series. The first episode will be broadcast on October 10, 2023.
On September 20, Yuga Labs LotM game launched its first season of open testing; on the 26th, Yuga Labs brand Boring Ape BAYC announced a cooperation with the trendy brand BAPE to launch physical products in preparation for this years largest community event - Hong Kongs ApeFest. Preliminary for the 2023 Ape Extravaganza.
On April 28 this year, Yuga Labs CEO Daniel Alegre said in an interview with Bloomberg that NFT still has a bright future because it is the key to the world of games, activities and e-commerce. The ecological landscape of Yuga Labs has always been considered large and messy. Perhaps in the NFT blueprint conceived by Daniel, Otherside is the ideal platform to bring NFT to life.
In September, Daniel Alegre said in an exclusive interview with BlockBeats, “As a company, you should be completely focused on telling stories and building connections, and if you do it well, you can build long-term connections. But we are not going from NFT now or 12 We look at it as a long-term commitment and we hope to continue to maintain and build this enthusiasm and connection in the years to come.”
