Can Yoga Labs’ New CEO Make Another Success?
The chaos surrounding Yoga Labs ended with a leadership change on February 21, 2009, following weeks of community upheaval and investor concern behind the popular Bored Up Yacht Club (BAYC) Invulnerable Token (NFT) collection.
Yuga Labs founder Greg Solano replaced Daniel Alegre to take on the challenge of delivering the third playthrough of the Metaverse project.
In January, a short trailer sparked criticism and raised concerns over the progress of the project, drawing much scrutiny over the upcoming “Journey 3” gameplay. A source familiar with the matter told Cointelegraph, “There is a lot of confusion about whether the leadership will be able to make this trip and the other one a success in general.”
Yuga Labs has been witnessing a prolonged crypto winter for NFTs, with significant declines in the market compared to the 2021 and 2022 peak periods. The forecast for 2024 is, however, as new and evolving use cases continue to emerge, including the near-game integration of NFTs.
Yuga has made a big bet on this intersection. Alegre was previously an executive at gaming giant Activision Blizzard. “Everything they're doing is about someone else,” said one member of the community on X. “BAYC lives and dies by the success of the other side,” he said.
Another Journey 3 is scheduled for February 29 and could be a milestone in Yoga Labs' long-term success.
This week's CryptoBiz also explores Binance's move to lock in tokens, Japan's plans to boost Web3 fundraising, and the growing influx into crypto-linked financial products.
BAYC co-founder Greg Solana has been named CEO of Yoga Labs
Greg Solano, one of the inventors behind the BAYC NFT suite, has become the new CEO of Yoga Labs. He will replace Daniel Alegre, who will take over as CEO in April 2023. Under his leadership, Yuga Labs will seek to build on BAYC's services by being more innovative and refocusing on building more partnerships, he said. Yuga Labs plans to host another party for the “Monkey Come Home” playtest event later this month, with the new CEO promising more communication to fans around the game moving forward.
Some news to share:
I am back to work as the CEO of Yoga Labs. Wylie Daniels and I are grateful for his contributions and practical strength to the company, and we appreciate his thoughtfulness and mentorship over the past year. I am again encouraged to take…
— Garga.eth (Greg Solano) (@CryptoGarga) February 21,
Crypto exchange-traded products hit a bull run with $67 billion AUM.
A record week of earnings for crypto exchange-traded products (ETPs) pushed their combined assets under management to levels not seen since the peak of the last bull market in 2021, according to CoinShares. The change was mainly driven by positive market trends with year-over-year inflows of $5.2 billion. One notable development was a record $2.45 billion in inflows in the week ending February 16, mainly to US-listed crypto ETPs, including the newly approved Bitcoin exchange funds. The main contributors to these revenues were BlackRock and Fidelity ETFs, which accounted for nearly $2.3 billion of the total, indicating a significant increase in investor interest in the crypto space.
Binance to shut down many used token services
Binance has announced that it has decided to end support for certain used tokens associated with major cryptocurrencies such as Bitcoin (BTC), Ether (ETH) and BNB (BNB) in the coming weeks. The decision, announced on February 19, specifically targets Tether (USDT)-linked tokens including BTCUP, BTCDOWN, ETHUP, ETHDOWN, BNBUP and BNBDOWN. The exchange will cease trading and subscription services for these used token pairs on February 28 at 6:00 am UTC. All pending orders for the affected tokens will be automatically canceled on this date, preventing further orders from being placed. Binance advises its users to convert any held tokens into other assets before the expiration date to avoid potential losses. The company did not disclose the reasons behind the move.
Japan opens up Web3 investments to local VCs.
The Japanese government plans to increase strategic domestic investments into Web3 startups by allowing limited partnership (LP) companies to own and hold crypto assets. Japan's Ministry of Economy, Trade and Industry has approved a bill to create new businesses and industries by reforming four key activities, including investment limited partnership agreements. The amendment allows LPs in Japan to invest in mid-sized companies and startups dealing with cryptocurrencies to receive a proportionate share of the venture's profits. Before the bill was passed, Japanese venture capital firms were prohibited from investing in crypto assets. The Web3 community in the region expects the emergence of crypto and blockchain startups from Japan.
Before you go: Polygon-based lending platform seeks to reinvent how owners of luxury collectibles turn their assets into cash, using blockchain technology to solve liquidity challenges. According to David Rovelli, collectors often face obstacles in getting a fair price for their items, accepting low offers from dealers, or receiving high fees. He believes that blockchain technology will provide a solution to this problem.
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