Greg Solano, the co-founder of NFT giant Yuga Labs known pseudonymously as Garga, has announced that he will be taking over the CEO role of the company. Exiting the role is Daniel Alegre, former COO of Activision Blizzard, who spent about ten months as CEO.
Yuga Labs is best known for its Bored Ape Yacht Club NFT collection and ApeCoin 
APE
+8.44%
, along with its acquisition of high-profile NFT projects CryptoPunks, 10KTF, Meebits, and, recently, PROOF collective, the company behind the Moonbirds NFT project.
Solano’s announcement post teases several of his first initiatives, including registering a separate Yuga subsidiary dedicated the Bored Ape Yacht Club, communicating more around the status of the Otherside metaverse and its upcoming third playtest, and developing other gaming projects with mass-market appeal.
The Bored Ape Yacht Club has recently faced increased competition from rival project Pudgy Penguins, which briefly flipped the Bored Apes by floor price this week.
Solano, in his post, describes “stepping back in” as CEO, though only Alegre and the CEO before him, Nicole Muniz, have been publicly referred to with that title. Yuga Labs declined a request for additional comments from The Block.
Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.
© 2023 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.