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Yuga Labs introduces Activision Blizzard executive Daniel Alegre as the new CEO

Yuga Labs introduces Activision Blizzard executive Daniel Alegre as the new CEO

According to a blog post, Daniel Alegre, chief operating officer and president of video game giant Activision Blizzard, will become the new CEO of NFT leader Yuga Labs.

Alegre will take over as CEO in the first half of 2023, succeeding current CEO Nicole Muniz, who will remain with the company as a partner and strategic advisor.

“The company’s pipeline of products, partnerships, and IP represents a massive opportunity to define the metaverse in a way that empowers creators and provides users with true ownership of their identity and digital assets,” said Wylie Aronow, co-founder of Yuga Labs.

Alegre’s departure from Activision was revealed in a filing on Friday, less than two weeks after the FTC filed a lawsuit to prevent Microsoft from acquiring the “Call of Duty” publisher for $69 billion.

Yuga Labs is one of the most well-known players to emerge from the NFT boom, having launched the Bored Ape Yacht Club (BAYC) collection of non-fungible tokens in April 2021. (NFT).

Investors spent nearly $41 billion on NFTs by the end of 2021, with collectible tokens that serve as social media profile pictures, such as those created or acquired by Yuga, being one of the most popular segments. NFTs, which act as certificates of authenticity and are stored on a blockchain, are used as payment for digital goods in the metaverse, such as media, fine art, and real estate.

Yuga acquired two more popular NFT collections, Crypto Punks and Meebits, in March of this year, while a separate foundation launched a related crypto token, ApeCoin (APE). ApeCoin has dropped by more than 80% since its peak in late April.

The same month, it closed a $450 million funding round led by a16z and joined by FTX, which contributed $50 million to Yuga Labs’ $4 billion valuation.

In conjunction with the funding, the company announced Otherside, a “gamified metaverse” project.

“The company’s pipeline of products, partnerships, and IP represents a massive opportunity to define the metaverse in a way that empowers creators and provides users with true ownership of their identity and digital assets,” Alegre wrote in a blog post.

According to Bloomberg, the SEC is investigating Yuga Labs to see if its sales of digital assets violate securities laws.

Weekly NFT sales peaked in the first week of May at around $1.5 billion, or 561,501 ETH, according to the blockchain analytics platform Nansen, after increasing throughout the first quarter of 2022.

As a result of the decline in cryptocurrencies this spring, which was precipitated by three massive de-leveraging events in the crypto market, including Terra Luna’s collapse and the failure of hedge fund Three Arrows, NFT sales plummeted in July and have continued to decline in the second half of the year.

The term “responsibility” refers to the act of determining whether or not a person is responsible for his or her own actions.

Last week, former President Donald Trump’s Trump Collect Cards reintroduced NFTs to the mainstream for the first time in months. The former president’s collection of 45,000 unique photographs, which sold out quickly, may have re-energized the market.

About MahKa

MahKa loves exploring the decentralized world. She writes about NFTs, the metaverse, Web3 and similar topics.

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