Yuga Labs Boss Returns to Unshackle As CEO
Greg “Garga” Solano, the creator of Yuga Labs, has rejoined the team as CEO to oversee the Bored Ape Yacht Club (BAYC). The decision was made during a period of high price volatility for Bored Ape NFTs, whose value has since declined after peaking in April 2022.
As the company looks to solve the issues plaguing the Bored Ape community and rekindle interest in the project, Garga’s return to Yuga Labs as CEO represents a strategic shift. In light of the recent sharp drop in the price of Bored Ape NFTs, Garga wants to “unshackle” the Bored Ape team and introduce fresh tactics to foster creativity and community growth.
In early 2022, a devoted community of collectors and NFT enthusiasts was drawn to the Bored Ape Yacht Club, a collection of distinctive digital NFTs with ape themes. But since then, there has been a notable decline in the value of Bored Ape NFTs, raising concerns among community members and investors.
Garga Plans on New Project Through Yuga Labs
Garga’s choice to take back the CEO position has been described as his dedication to and faith in the long-term viability of the Bored Ape project. Garga brings a plethora of experience and expertise to the position as the founder of Yuga Labs, having been instrumental in the growth and success of the Bored Ape Yacht Club.
Yuga Labs intends to carry out several projects under Garga’s direction to revive the Bored Ape community and boost project confidence. These projects involve introducing fresh goods and services, forming alliances with well-known companies and content producers, and working to improve the worth and functionality of Bored Ape NFTs.
Despite the recent difficulties the Bored Ape group has faced, Garga is still optimistic about the project’s future. He thinks Yuga Labs can overcome its current challenges and keep innovating in the NFT field by utilizing the ingenuity and passion of the Bored Ape community.
Ape Community Optimistic at Garza’s Return, Yuga Eyes Mainstream Players
The Bored Ape community has expressed a newfound faith in the project’s future following Garga’s return. Many investors and collectors think Garza’s guidance and stability will help the Bored Ape Yacht Club regain its worth and attract new members interested in buying Bored Ape NFTs.
The report says that Yuga Labs is working on hosting an “Apes Come Home” event this month (February) for Solano and Otherside, promising to establish more communication features in the game in the future. The company also spoke on its plans for the broader game strategy.
According to them, it will introduce a new free-to-play Dookey Dash version, accompanied by other features from studio Faraway. Yuga also said they’re targeting traditional players. Yuga Labs says they are ready to face the difficulties ahead and seize fresh chances for expansion and success under Garga’s direction and leadership.
Yuga Announces Moonbirds Integration, NFT Community Reacts to Proof Acquisition
The announcement made upon Solana’s return came a few days after Yuga Labs had announced its acquisition of Proof, a digital art startup that created the Moonbirds NFT. According to the company, they are looking to introduce Moonbirds into the game: Otherside Metaverse, which is still in the making.
The company says it will work solely with art by Proof, which is in connection with the TwelveFold and CryptoPunks collections, already on the ground. The Proof acquisition had a mixed reaction from the NFT community, with most saying the company must have had other things going on in the past years.
Past price analysis says that the price of Bored Ape Yacht Club spiked in April of 2022 but has dropped substantially since then. According to the latest market price list published on the Decrypt platform, the increasing competition among NFTs and collections like Pudgy Penguins has temporarily exceeded the price of Bored Ape Yacht Club as of last week. According to the list, the value of Penguins went up by five times in three months, while the Ape has been stagnant all through.
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