Yuga Labs, the web3 frontrunner behind iconic NFT collections Bored Ape Yacht Club (BAYC) and CryptoPunks, has concluded its internal restructuring, as confirmed by CEO Daniel Alegre. In a recent update, Alegre outlined the company’s threefold focus: nurturing existing communities, advancing its metaverse extension Otherside, and capitalizing on strategic alliances.
I want to address some of the feedback the company and I have been receiving from many of you recently.
— Daniel Alegre (@dalegre) October 18, 2023
I respect the relevant, pointed feedback as I know it comes from a place of wanting to see improvements in our Yuga communities.
First, I will start with sharing some advice…
Six months into his role, Alegre acknowledged the previously “strained” relationship between Yuga Labs and the CryptoPunks community. The sentiment was that Yuga Labs was indifferent, even as the community expressed a desire for autonomy. To address this, the company significantly increased its community engagement efforts and collaborated with top-tier museums to elevate the CryptoPunks brand.
Alegre also disclosed that Yuga Labs was thinly staffed when he joined, leading to the restructuring to better focus on key initiatives. He mentioned challenges faced in the development of Otherside, specifically capacity issues and the need for rapid improvements to meet community expectations.
For Bored Ape Yacht Club, another flagship NFT project, Yuga Labs plans to continue its strategy of hosting offline events. Alegre disclosed that the company has been discerning in its partnerships, entering into long-term agreements with high-profile brands such as Gucci and BAPE. Additional collaborations are also in the pipeline, although specifics were not revealed.
The company is also fast-tracking the development of Otherside, its ambitious metaverse extension. Recent collaborations with Hadean and Big Rhino, along with the acquisition of Roar Studios, are part of a concerted effort to bolster Otherside’s technical and creative capabilities.
Market data from Coingecko indicates a 64.5% decline in the floor price of the BAYC collection this year. As of October 17, the floor price was 24.40 ETH ($38,402), a significant drop from its January 1 valuation of 69.49 ETH.
In a related development, Yuga Labs announced its first-ever Yacht Club Open House, scheduled for November 5, 2023, in Kai Tak, Hong Kong. The event aims to serve as an entry point for the next wave of web3 users and will feature industry leaders discussing a range of web3 topics. The Open House will follow Yuga Labs’ exclusive ApeFest 2023, a two-day event focused on city exploration for the Bored and Mutant Ape community.
