Yuga Labs, a prominent player in the cryptocurrency and NFT space, has recently completed its restructuring process, shifting its focus towards the development of its metaverse extension, Otherside. CEO Daniel Alegre addressed concerns and feedback from the company’s NFT communities following the restructuring announcement.

Alegre outlined three main priorities for the restructured team: supporting existing communities, developing Otherside, and leveraging partnerships. The team has increased its efforts in community support, particularly for CryptoPunks, an NFT collection acquired last year.

In addition, Yuga Labs will continue to support offline events for its blue-chip NFT project, Bored Ape Yacht Club (BAYC). The company has also established partnerships with top brands like Gucci and BAPE®, with more collaborations on the horizon.

Alegre emphasized the importance of focusing on the development of Otherside, a metaverse platform that aims to provide unique digital experiences. Recent partnerships and acquisitions have positioned Yuga Labs to tackle the technical and creative challenges of building an immersive metaverse.

In a recent legal development, a U.S. appeals court questioned the dismissal of a trademark lawsuit against artist Ryder Ripps, who was accused of creating replicas of Yuga Labs’ BAYC NFTs. This ongoing legal battle underscores the challenges faced by companies in the NFT space.

As Yuga Labs continues to navigate these challenges and focus on innovation, the company remains committed to its communities and the development of cutting-edge digital experiences in the cryptocurrency and NFT space.

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