BAYC creator Yuga Labs has completed a restructuring to focus on the Metaverse

Yuga Labs, the company behind the original non-fungible token (NFT) project, Bored Up Yacht Club (BAYC), has completed a restructuring amid challenges in the industry.

Yuga Labs CEO Daniel Alegre reported the restructuring to XX (formerly Twitter) on October 17, which was announced earlier in October.

“We will now begin the process of refining our team's new structure,” Alegre said, reiterating that the company will prioritize the execution of Yuga, a gamified and interoperable Metaverse project launched in March 2022.

Alegre emphasizes that building an “immersive metaverse” platform is both technically and creatively difficult:

“It's another very important bet for Yoga and when our creative team brought the concept of Metropolis to my leadership team, it made it a tent experience for everyone else.”

Yuga Labs founder Greg Solano previously announced the company's restructuring on Oct. 6, saying Yuga “needs to make some changes” to ensure it's set up for long-term success.

“In this reorg, Yuga still has more than 120 employees, and is focused on certain priorities,” Solano said. He did not say how many people would have to leave Yoga Labs as part of the restructuring.

Alegre, CEO of Yuga Labs, also confirmed that a priority during the restructuring is to “treat those who are leaving Yuga with the respect and gratitude they deserve.” He said Yuga's transition package includes “generous severance,” coverage from the strengthened Omnibus Budget Reconciliation Act and assistance in finding new job opportunities. The CEO added:

“Times are challenging not only for our industry but also for the global economy. […] Today's reform affects members of our US team, and we are actively evaluating the impact on our international teams.

Yuga Labs did not immediately respond to Cointelegraph's request for comment.

Related: Microsoft's Activis acquisition could see cryptocurrency in office and gaming

The news is that on October 16, the US Court of Appeals filed a Yuga Labs trademark lawsuit against artist Ryder Ripps, expressing doubt over the copies of Yuga' BAYC NFTs.

Previously, in August 2023, a group of BAYC investors filed a class-action lawsuit against Yuga Labs and art auction house Sotheby's, alleging that the auction house helped Yuga Labs “deceptively promote” the NFT collection.

Magazine: Web3 Gamer: Minecraft Bans Bitcoin P2E, iPhone 15 and crypto gaming, Formula E