Yuga Labs Completes Restructuring, Focus Shifts to Metaverse Extension 'Otherside' & Community Support

According to The Block: Following a period of restructuring, Daniel Alegre, the CEO of Yuga Labs, announced a renewed focus on the company's metaverse extension, Otherside, along with a commitment to better community support. The restructuring, which involved staff changes and reorganization, enabled the team to streamline their focus on these specific areas, following feedback from their various NFT communities.Alegre's statement was given in response to community concerns regarding Yuga Labs' commitment to previously owned collections and the future direction of the company following last month's restructuring announcement. He assured that the revamped team would now be able to closely execute their objectives which include leveraging partnerships, supporting existing communities, and building Otherside.He spoke about addressing the strained relationship between Yuga Labs and CryptoPunks, an NFT collection acquired by the company in the previous year. Alegre emphasized the company's strategy to triple its efforts in community support and partnership with leading museums to elevate the reputation of CryptoPunks and increase its appeal among art collectors.Notably, for its prominent NFT project, Bored Ape Yacht Club (BAYC), Yuga Labs will carry on supporting offline events and selective partnerships beneficial to the community. With a meticulous selection process for partnerships, such as a multi-year collaboration with luxury brand Gucci and a recent tie-up with BAPE®, more collaborative projects are expected to be announced in the near future.On Otherside, Yuga Labs intends to speed up the development and rollout of distinctive and advanced digital experiences backed by high-end technology. Alegre pointed out recent partnership announcements and acquisitions aimed at fast-tracking Otherside's evolution, turning it into a go-to digital connection and experience platform catering to Yuga Labs' family of communities and beyond.Even though BAYC's floor price has fallen by 64.5% to 24.69 ETH ($38,830) on October 17 from 69.49 ETH at the start of the year, the company remains committed to enhancing the value of its offerings.