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Yuga Labs Founder Steps In As CEO, Vows "Cryptonative" Future with BAYC Spin-off

Yuga Labs co-founder Greg Solano re-emerged as CEO on Wednesday, marking a leadership shift and signaling a renewed focus on the "cryptonative" world. This move coincides with the creation of BAYC LLC, a subsidiary dedicated solely to the Bored Ape Yacht Club (BAYC) ecosystem.

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Solano's return follows a series of leadership changes at Yuga Labs. Former Activision Blizzard CEO Daniel Alegre had previously taken the helm, replacing Nicole Muniz in April 2023. Alegre expressed his gratitude for the opportunity to lead Yuga Labs and wished them a bright future as he stepped down.

Solano emphasized his excitement to guide Yuga Labs into its "next chapter," outlining several key changes. Notably, he plans to "unshackle" the BAYC team by establishing BAYC LLC. This independent subsidiary will be responsible for all BAYC-related matters, allowing for greater autonomy and focus within the team.

Furthermore, Solano plans to prioritize communication surrounding Otherside, the company's metaverse project. He envisions it becoming the "default space" for users to interact with their Web3 communities, highlighting its central role in Yuga Labs' future.

This leadership change comes after Yuga Labs underwent restructuring in October 2023 under Alegre's leadership, resulting in employee layoffs. Despite the reduction, Solano confirmed that Yuga Labs maintains a workforce exceeding 120 employees.

Solano's return, coupled with the creation of BAYC LLC and the emphasis on Otherside, suggests a potential shift towards a more "cryptonative" approach for Yuga Labs. This strategy prioritizes integration within the cryptocurrency and blockchain ecosystem, potentially impacting the company's future direction.

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