Yuga Labs CEO Addresses Community Criticism
Company Behind BAYC and CryptoPunks Looks To Refocus As NFT Bear Market Drags On
By: yyctrader •NFT News
Yuga Labs, the company behind top NFT collections Bored Ape Yacht Club (BAYC) and CryptoPunks, plans to restructure its operations. CEO Daniel Alegre took to X to address some of the recent concerns raised by the community.
The CEO outlined three core priorities going forward – supporting existing communities, executing the Otherside metaverse initiative, and leveraging partnerships with established brands.
Alegre also shared insights into his initial observations upon joining Yuga Labs, recognizing the unique connections within the community but also realizing that the company's initiatives needed better execution.
Additionally, he addressed the relationship between Yuga Labs and the CryptoPunks community. He acknowledged the need for greater engagement and support for the community while also expanding the brand's presence in top-tier museums.
He went on to applaud the passion of the Yuga community and its focus on IP development. Yuga Labs aims to support and amplify these entrepreneurial efforts through their Made by Apes initiative, showcasing many of these businesses at the upcoming ApeFest event in Hong Kong.
Alegre also spoke about the growth potential of the 10KTF brand, vowing to provide deeper engagement opportunities on the Otherside platform. He highlighted the challenges faced in the gaming space, acknowledging the need to rely on seasoned gaming partners to improve the user experience.
The restructuring comes as the floor price of Yuga’s flagship Bored Apes collection has fallen to levels last seen in August 2021.
Meanwhile, the ecosystem’s APE token is down 75% in the past year.