- Yuga will prioritize the execution of the metaverse project Otherside
- Yuga is offering generous severance as part of its transition package
Yuga Labs, the company that created the Bored Ape Yacht Club (BAYC) NFT project, has completed restructuring to focus on the metaverse, its CEO Daniel Alegre tweeted, cited by Cointelegraph. Alegre emphasized that his company would prioritize the execution of the metaverse project Otherside, which it launched in March 2022.
Building an immersive metaverse platform
Alegre drew attention to the technical and creative challenges in building an “immersive metaverse” platform, adding that Otherside was highly significant for Yuga. Greg Solano, who cofounded the company, had announced its restructuring on October 6, pointing out that they “needed to make some changes” to guarantee long-term success.
“Generous” severance pay for laid off staff
Solano stated that Yuga still had more than 120 employees after the restructuring and was focused on specific priorities. The reorganization entailed some layoffs, but the exact number was not reported.
Yuga CEO Alegre assured that his top priority during the reorganization was to make sure the people leaving the company were treated with gratitude and respect.
He added that Yuga was offering generous severance as part of its transition package, help finding new jobs, and coverage under the Consolidated Omnibus Budget Reconciliation Act. The CEO added:
It’s a challenging time, not only for our industry but also for the global economy. The restructure today impacts US team members, and we are actively reviewing the impact on our international teams.
High-profile lawsuit
On October 16, a US court of appeal expressed doubt regarding the attempt to dismiss Yuga Labs’ trademark lawsuit against artist Ryder Ripps. Yuga alleges that he copied their BAYC NFTs.
In April, Bankless Times reported that Yuga was awarded a partial summary judgment against Ripps and co-defendant Jeremy Cahen. The defendants created the RR/BAYC NFT collection, which is similar to Bored Apes in terms of subjects and marketing. They claim to have developed the collection in criticism of the original Apes.
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