In a surprising twist, Yuga Labs CEO Daniel Alegre has stepped down from his role, making way for co-founder Greg Solano, also known as Gargamel, to reassume control of the company renowned for managing NFT collections such as the Bored Ape Yacht Club and Cryptopunks.
Announcing the transition on X (formerly Twitter), Solano expressed gratitude for Alegre’s contributions and operational guidance over the past year. Alegre, an Activision alum, had spent less than a year at Yuga Labs but expressed appreciation for the experience, noting the company’s promising future.
This development coincides with Yuga Labs’ recent acquisition of Proof Collective, owners of the valuable NFT collection Moonbirds. Despite aspirations to become an NFT entertainment conglomerate, akin to a Web3 Disney, Yuga Labs faces challenges within the NFT market. Trading volumes plummeted, and a report by DappRadar suggested the devaluation of many NFTs. Yuga Labs, which once collected substantial revenue through NFT trading fees, experienced setbacks when OpenSea ceased mandatory royalties in August.
In response to industry dynamics, Solano revealed plans to spin out the Bored Ape Yacht Club into a subsidiary named Bay LLC. He also pledged more frequent updates on the gaming platform Otherside. As Yuga Labs marks three years since its founding, Solano expressed excitement about upcoming initiatives and developments, showcasing the company’s resilience in navigating the evolving NFT landscape.