Yuga Labs Announces Layoffs & Merges Meebits with 10KTF

Dilip9777

"Prominent blue-chip project, Bored Ape Yacht Club (BAYC), developed by Yuga Labs, can be considered one of the most powerful participants in the current NFT space. However, facing the continued downturn in the NFT market, they also need to cut expenses to weather the crypto winter.

Just yesterday evening, Yuga Labs posted on X (formerly Twitter), announcing that they will undergo team layoffs and restructuring. The official statement indicated that this decision is aimed at enabling the team to focus better on core priorities, which has necessitated the elimination of certain positions.

According to an email sent by Yuga Labs CEO Daniel Alegre to the team, Yuga Labs will be focusing on three key areas:

1. Commitment to expanding the community, growth, and brand interaction.
2. Full implementation of the ""Otherside"" strategy, including unique initiatives in gaming, entertainment experiences, interactive social connections, with internal development efforts focused on a few core areas.
3. Restructuring Meebits and 10KTF into Otherside.

Additionally, Daniel also outlined Yuga Labs' next steps for the development of its community:

- Bored Ape Yacht Club (BAYC): Support for the expansion of ""Made by Apes"" and the launch of a major, multifunctional, ongoing gaming experience in 2024 and beyond.
- CryptoPunks: Consolidating and celebrating the series' crypto art heritage through education (including an upcoming book) and improving and simplifying the application of Punks.

It's worth noting that the projects most affected by this restructuring are likely to be 10KTF and the acquired Meebits. These two projects will become part of the Otherside metaverse. Yuga Labs clarified that this doesn't mean that the creative narrative opportunities for the brand have disappeared, and there is still much to be accomplished within Otherside.

However, because these two projects may no longer have dedicated operating teams, it could impact their development. Whether this restructuring can help Yuga Labs' NFT empire rise from the ashes remains uncertain and will require time for validation."

Samiksha

I didn't realize NFTs could be invested in this way; I really can't keep up with the times.

977Iti

Having NFTs is the future of the metaverse.

Shri333

NFTs and the metaverse are actually closely related.

Kahn332

With NFTs becoming more convenient, a consensus will be reached.