{"title": "Yuga Labs Completes Restructuring, Focuses on Otherside Metaverse Project", "body": "According to Foresight News, Yuga Labs, the creator of the popular Bored Ape Yacht Club (BAYC) NFT collection, has completed a restructuring phase to position itself for long-term success. CEO Daniel Alegre shared insights into the company's journey, achievements, and a renewed focus on the metaverse project, Otherside.\n\nAlegre announced that the team had completed a restructuring phase to position the company for long-term success and that the primary focus would now be on bringing Otherside to life, a gamified and interconnected metaverse project initiated in March 2022. Alegre acknowledged the substantial challenges in creating an immersive metaverse platform and the significance of Otherside as a pivotal endeavor.\n\nThe restructuring announcement comes amid ongoing legal challenges, including a trademark lawsuit and a class-action lawsuit filed against Yuga Labs and Sotheby's by BAYC investors. Despite the challenges, Alegre reiterated Yuga Labs' commitment to its mission of building culture on the blockchain and expressed gratitude for the community's continued support.\n\nYuga Labs' strategic realignment focuses on giving prominence to partnerships and progressing pivotal projects like Bored Apes, nurturing the community, notably the Otherside project and various Web3 initiatives led by Yuga Labs. Additionally, Yuga Labs aims to honor the legacy of crypto art through educational resources and plans to incorporate Meebits and 10KTF into the forthcoming 2024 gaming initiative, Otherside."}