Web3 Watch: Yuga Labs’ tumultuous week
The post Web3 Watch: Yuga Labs’ tumultuous week appeared on BitcoinEthereumNews.com. Yuga Labs, the company managing the two most valuable NFT collections by floor price, has had a strange last handful of days. On the afternoon of Friday, Feb. 16, Yuga Labs announced it had acquired PROOF, the NFT shop known for its Moonbirds profile picture collection. A few days later, Yuga Labs made its second CEO change in under a year, installing co-founder Greg Solano at the helm. The same day, Yuga gave a long-awaited progress update on its Otherside metaverse platform. Some complained about the “poor communication” strategy shown in the Otherside announcement, prompting the newly-minted CEO Solano to write “We will be better” on X. Yuga Labs developed the Bored Apes Yacht Club NFT collection which became notable amid the speculative NFT frenzy of 2021. The company acquired fellow blue-chip collection CryptoPunks in 2022. Recently, the company has struggled to maintain its heralded status — feisty rival Pudgy Penguins has nearly surpassed Bored Apes’ price floor, a term for the cheapest NFT on offer from a given collection. Read more: Pudgy Penguins approach Bored Ape floor prices, buoyed by CEO’s expansive approach And Yuga has garnered some negative press, from layoffs to a bizarre episode involving eye and skin injuries at a Yuga-led conference. In a post announcing his role as CEO, Solano said his goal was to “unshackle” the team working on Bored Apes by letting it operate autonomously from Yuga. He also stressed its Otherside metaverse as a “massive swing for the fences” that could be a “living room of Web3.” In the post explaining the strategy for Otherside, general manager Eric Reid promised the platform’s developers would be iterating quickly and in public. He also wrote that Yuga wouldn’t be building a “competitive MMO [massive multiplayer online game] that takes many years, many tens of…
The post Web3 Watch: Yuga Labs’ tumultuous week appeared on BitcoinEthereumNews.com.
Yuga Labs, the company managing the two most valuable NFT collections by floor price, has had a strange last handful of days. On the afternoon of Friday, Feb. 16, Yuga Labs announced it had acquired PROOF, the NFT shop known for its Moonbirds profile picture collection. A few days later, Yuga Labs made its second CEO change in under a year, installing co-founder Greg Solano at the helm. The same day, Yuga gave a long-awaited progress update on its Otherside metaverse platform. Some complained about the “poor communication” strategy shown in the Otherside announcement, prompting the newly-minted CEO Solano to write “We will be better” on X. Yuga Labs developed the Bored Apes Yacht Club NFT collection which became notable amid the speculative NFT frenzy of 2021. The company acquired fellow blue-chip collection CryptoPunks in 2022. Recently, the company has struggled to maintain its heralded status — feisty rival Pudgy Penguins has nearly surpassed Bored Apes’ price floor, a term for the cheapest NFT on offer from a given collection. Read more: Pudgy Penguins approach Bored Ape floor prices, buoyed by CEO’s expansive approach And Yuga has garnered some negative press, from layoffs to a bizarre episode involving eye and skin injuries at a Yuga-led conference. In a post announcing his role as CEO, Solano said his goal was to “unshackle” the team working on Bored Apes by letting it operate autonomously from Yuga. He also stressed its Otherside metaverse as a “massive swing for the fences” that could be a “living room of Web3.” In the post explaining the strategy for Otherside, general manager Eric Reid promised the platform’s developers would be iterating quickly and in public. He also wrote that Yuga wouldn’t be building a “competitive MMO [massive multiplayer online game] that takes many years, many tens of…
