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Yuga Labs, the company behind the Bored Ape Yacht Club (BAYC) nonfungible token (NFT) initiative, recently went through a significant organizational change as a response to the industry's changing landscape.
On October 17, Yuga Labs' Chief Executive Officer, Daniel Alegre, announced on the platform X (previously known as Twitter) that the company's previously declared reorganization in early October has been successfully implemented. Alegre expressed that the newly formed teams would sharpen their focus, particularly emphasizing the importance of Otherside. This project, a combination of gaming and metaverse elements, was launched by Yuga in March 2022. Alegre highlighted the complexities involved in developing an "immersive metaverse" platform from both technical and artistic perspectives. He shared that when the idea of Meetropolis was presented to him, it instantly became a central feature for Otherside.
Earlier in the month, Greg Solano, the co-founder of Yuga Labs, acknowledged the need for the company's transformation on October 6. He mentioned that for sustained success, such changes were inevitable. While Yuga Labs still boasts a workforce of over 120 members post-restructuring, Solano refrained from revealing the exact number of employees who departed the company during this period.
In his communication, CEO Alegre stressed the company's commitment to treating departing employees with utmost respect and gratitude. He mentioned the provision of an extensive transition package which encompassed fair severance pay, the Consolidated Omnibus Budget Reconciliation Act benefits, and assistance in their subsequent job search. Alegre also remarked on the current challenging global economic conditions, revealing that the recent changes affected U.S. team members, with evaluations for international teams being underway.
Additionally, the reorganization announcement comes shortly after a U.S. appeals court, on October 16, raised doubts over an effort to dismiss a trademark lawsuit against artist Ryder Ripps by Yuga Labs concerning his reproductions of Yuga's BAYC NFTs. Furthermore, in August 2023, Yuga Labs and Sotheby's auction house faced a collective lawsuit from BAYC investors, accusing them of misleading promotions of the NFT collection.
