Yuga Labs, the firm behind the well-known Bored Ape Yacht Club (BAYC) non-fungible token (NFT) project, has finished its restructuring efforts in response to challenges in the NFT space.
Yuga Labs, the firm behind the well-known Bored Ape Yacht Club (BAYC) non-fungible token (NFT) project, has finished its restructuring efforts in response to challenges in the NFT space. CEO Daniel Alegre confirmed the restructuring's completion and stated that the company will now focus on perfecting its new company structure.
Alegre emphasized the significance of Otherside, their gamified and interoperable metaverse project, which will be a top priority going forward. The restructuring comes amid a trademark claim filed by artist Ryder Ripps and a class-action suit filed by BAYC investors and Sotheby's auction house.
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