Yuga Labs has completed a recent restructuring with a renewed focus on three core priorities:
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Support Existing Communities
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Focusing on Otherside execution
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Leveraging partnerships
CEO Daniel Alegre also acknowledges the intricate technical and creative challenges associated with developing an immersive metaverse platform, underscoring the pivotal role of Otherside in Yuga’s overarching strategy.
What this means for the greater NFT community:
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NFTs are still in bad shape, at least in the short-medium term
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Trimming off the fat and being lean is critical for long-term sustainability. Expect more projects to become leaner or simply close down.
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More concentrated focus on a specific vertical to build toward competitive advantage. (in Yuga Labs’ case, an immersive metaverse and gaming platform)
Is this indicative of the demise of NFTs? It’s highly unlikely. Nevertheless, projects lacking a unique identity or failing to nurture their community and culture may struggle and eventually vanish into obscurity. As NFT teams continue experimenting, the key is to survive the long winter and hold on for as long as possible.
