Apes together strong 🐒
The prodigal primate returns!
The co-founder of Yuga Labs, Greg Solano, otherwise known as Garga, has made his comeback as the new CEO of the Web3 firm.
He will replace Daniel Alegre, a former executive from Activision, who was in charge for less than a year.
However, it is unknown whether Alegre will stick around in another role or leave the company altogether.
Five days ago, Yuga Labs announced that it acquired Proof all its assets, including the Proof Collective and, more notably, the Moonbirds.
As a result, the floor price of Moonbirds immediately shot up by 31% from 1.92 ETH (~$5,450) to a peak of 2.54 (~$7,170) ETH but has since retreated to 2.06 ETH (~7,450).
Despite the acquisition, Yuga Lab's marquee Bored Apes Yacht Club collection faced stiff competition from Pudgy Penguins after the floor price of Pudgy NFTs rose to 22.2 ETH (~$61,500), briefly overtaking the floor price of Bored Apes.
However, with the return of Garga, the floor price of Bored Apes surged from 21.92 ETH to a peak of 24.4 ETH today.
Editor's Take:
Yuga Labs has had a tough 2023, with layoffs and a disappointing response to their community games and rewards. But with the co-founder back at the helm and with new major IPs to utilize, perhaps Yuga Labs might just have its redemption arc in the future.
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