Yuga Labs is considered one of the largest organizations in the NFT market, behind popular Bluechip collections such as BAYC and MAYC, and has successfully completed a restructuring process. In the upcoming period, Yuga Labs will focus on building the Otherside metaverse and supporting its user community.
Recently, on the X platform, Yuga Labs’ CEO, Daniel Alegre, announced, “Despite numerous challenges, we are delighted to announce that Yuga Labs has completed its restructuring. Our mission now is to fine-tune operations to build the Otherside metaverse.” Notably, Yuga Labs has made significant adjustments, starting with workforce reductions earlier in the month.
Following the restructuring process, Alegre affirmed that the company will concentrate on community development and strengthening its brand, “placing great emphasis” on expanding the company’s Otherside metaverse and driving internal growth in the future.
Prior to this, Alegre also revealed that Yuga is “accelerating the development process and creating unique digital experiences using cutting-edge technology.”
Clearly, constructing a metaverse platform that allows users to immerse themselves is a complex endeavor, both technically and creatively. However, Yuga has taken several proactive steps, beginning with building partnerships with Hadean and Big Rhino and acquiring Roar Studios, all aimed at advancing the development of Otherside. Alegre optimistically shared, “In the not-so-distant future, Yuga will become a leading platform for user digital experiences and connections. This is an important step to solidify their position as dominant players in the NFT market.”
Yuga Labs is undeniably a major force in the NFT industry, with 16 collections accounting for 34.6% of the entire sector and trading volumes totaling $2 billion in the past two quarters. According to data from The Block, the floor price of the BAYC collection has decreased by 64.5% to 24.69 ETH ($38,830 USD). Nevertheless, Yuga Labs remains a strong presence in the NFT market.