Greg “Garga” Solano Returns as Yuga Labs CEO, Ousting Daniel Alegre

1. Greg “Garga” Solano, Yuga Labs co-founder, takes back the reins as CEO, replacing Daniel Alegre.
2. Yuga Labs acquires Proof, the startup behind Moonbirds NFT collection, as part of a strategic shift.
3. Bored Ape Yacht Club prices experience a 5% spike following Solano’s announcement.

Yuga Labs co-founder Greg “Garga” Solano has announced his return as CEO, replacing Daniel Alegre after less than a year in charge.

Solano expressed gratitude for Alegre’s contributions but emphasized his enthusiasm for steering Yuga Labs into its next chapter.

Strategic Shifts and Acquisitions

Solano’s return coincides with Yuga Labs’ acquisition of Proof, the digital art-centric startup behind the Moonbirds NFTcollection.

The company aims to integrate Moonbirds into its upcoming Otherside metaverse game and leverage Proof’s art focus across its existing CryptoPunks and TwelveFold collections.

Mixed Reactions from Bored Ape NFT Holders

While these moves signal a strategic shift, Bored Ape NFT holders have responded with mixed feelings. Thought the prices of Bored Ape Yacht Club NFTs peaked in April 2022, It has seen a substantial decline, facing competition from collections like Pudgy Penguins.

Solano’s announcement led to a 5% spike in Bored Ape Yacht Club prices, reaching nearly $66,500 worth of ETH.

Solano aims to run Yuga Labs with a “crypto-native focus,” spinning the Bored Ape Yacht Club team into a subsidiary, BAYC LLC.

This move aims to provide the team with more autonomy around the Ethereum NFT collection. Solano expressed the desire for a “more focused, more agile” approach, allowing the team to execute its vision.

Otherside Metaverse: Yuga Labs’ Next Big Swing

Solano aims to position the yet-to-launch Otherside metaverse as the “living room of Web3.” 
He envisions it as the default space for community interaction, promising a public and iterative development process.

Yuga Labs plans to host an “Apes Come Home” playtest event for Otherside later this month.

Balancing Mainstream Appeal and Crypto-Native Innovation

Yuga Labs’ broader gaming strategy includes a free-to-play version of Dookey Dash and collaborations with studio Faraway, targeting mainstream players.

Simultaneously, Solano wants the company to embrace “crypto-native mechanics and platforms,” leaving room for speculation about a mysterious item on the Bored Ape Yacht Club’s 2021 roadmap.

“We want to unshackle the BAYC team at Yuga as much as possible to execute against its vision. More focus, more agility,”

Greg Solano

As Yuga Labs approaches its three-year mark, Solano expressed excitement about the upcoming projects.
Further acknowledging the challenges ahead while emphasizing his confidence in the assembled team and community.

“We’re going on three years since Yuga was founded, and we couldn’t be more excited about some of the stuff we’ve got in the pipeline,”

Greg Solano

Extremely grateful for the team that’s assembled here across all our brands. There’s a lot of work to be done, but I couldn’t imagine doing it with any other team, or any other community of builders.”

Solano added

Solano’s leadership sparks a 13% surge in Bored Ape Yacht Club’s price floor, indicating robust investor confidence.

The Mutant Ape Yacht Club, a sister collection, closely follows with a notable 9% gain. Additionally, Yuga Labs’ Otherside metaverse NFTs experience modest gains for the day.