Yuga Labs, the creator of the popular Bored Ape Yacht Club (BAYC) series of Non-Fungible Tokens (NFTs), has appointed gaming veteran Daniel Alegre as its new CEO. Upon taking the position, Alegre purchased one of the BAYC NFTs for 50 ETH, equivalent to $90,114.50, further solidifying his commitment to the company and its products. This is expected to set a strong example for other high-profile individuals in the NFT space while expanding the market.
Daniel Alegre’s background and experience make him a valuable asset to Yuga Labs. He worked at Google for 16 years as a President of Global and Strategic partnerships, overseeing the development of games such as Call of Duty, Candy Crush, and World of Warcraft. Alegre also served as president of Activision Blizzard, a significant player in the gaming industry. His appointment comes as part of Yuga Labs’ search for someone with gaming experience to help grow their Metaverse gaming platform project, Otherside.
Yuga Labs Co-founder Wylie Aronow expressed his excitement in finding Alegre, stating that he, along with former CEO Nicole Muniz and team member Greg, have been looking for someone with Daniel’s skills to take on the role. Muniz now serves as a strategic advisor for the company.
In March 2022, Yuga Labs managed to raise $450 million in funding from Andreessen Horowitz, with a valuation of $4 billion. This happened before the implosion of other major cryptocurrencies, such as FTX and Terra’s UST. Since then, the price of the Bored Ape Yacht Club NFTs has decreased by 82%, compared to its peak in April.
With a market capitalization of $800 million, BAYC is the largest blockchain. Alegre’s decision to purchase one of the NFTs from his own company serves as a testament to his belief in the product and dedication to Yuga Labs. This move is anticipated to encourage other high-profile individuals to invest in Bored Ape Yacht Club NFTs.
Alegre is not the first person to make the transition from gaming giant to crypto. In January, Ryan Wyatt left his position as head of YouTube Gaming and took on the role of CEO at Polygon Studios.
Following his appointment and purchase of the BAYC NFT, Alegre shared his excitement on social media, introducing the Bored Ape NFT as a new member of his family and using the hashtag #ApeFollowApe to express his pride in his decision.
Alegre’s actions not only display his commitment to Yuga Labs and BAYC but also signal an expansion of the NFT market. As more high-profile individuals begin to invest and support NFTs, the market is expected to grow, particularly for Bored Ape Yacht Club.
Under Alegre’s leadership, Yuga Labs is primed for significant growth as it expands its projects in the Metaverse gaming landscape. Having an experienced CEO on board with a passion for their product is a powerful combination, ensuring that Yuga Labs and Bored Ape Yacht Club will remain influential players in the NFT world.