In a recent open letter, Daniel Alegre, CEO of Yuga Labs, the umbrella company behind some of the most famous NFT projects like Bored Ape Yacht Club (BAYC) and CryptoPunks, spoke candidly about the state of the company and its community. Alegre’s letter stands out as a testament to transparent leadership, especially in a high-risk, fast-moving sector like NFTs.
Six months in and all ears
Allegre has been at the helm for six months and his opening remarks show a humble reality – he doesn’t claim to know it all. On his first day, he was told that understanding this complex and multifaceted community would take at least six months. Alegre took this to heart and was proactive in attending a multitude of community meetings and events around the world. From New York to Tokyo, Alegre has demonstrated his commitment to understanding the “tapestry of POVs” that make up the Yuga Labs community.
Walking the Tightrope: Community vs. Execution
While Yuga Labs enjoys a unique space in the NFT landscape, Alegre understands that the company’s small size and ambitious goals pose challenges. Balancing the expectations of the community while focusing on making big bets is a herculean task. The company recently underwent a restructuring aimed at improving its focus in three key areas: supporting existing communities, focusing on their execution on the Otherside, and leveraging partnerships. This strategic focus was essential, demonstrating a sensitivity to community needs while recognizing the practicalities of running a lean organization.
Elevation of the Art Form
Alegre provides details when dealing with projects like BAYC and CryptoPunks. He talks about ‘Made by Apes’, an initiative aimed at empowering community-driven IP creation and promoting CryptoPunks as an art form through partnerships with top tier museums. Such efforts reflect a deep understanding of what these NFTs represent beyond mere digital assets – they are cultural and artistic landmarks in the digital age.
The Otherside Gamble
Otherwise, Yuga Labs’ immersive post-recruitment platform is an ambitious bet. Alegre admits the company has lagged in some aspects of its execution, but highlights recent partnerships and acquisitions aimed at accelerating its growth. The platform aims to connect all Yuga Labs brands and communities, making it a critical linchpin in their overarching strategy.
Between winds and waves
While the open letter ends on an optimistic note, it doesn’t shy away from the enormous pressures facing Yuga Labs. Alegre recognizes the challenges posed by a rapidly evolving industry landscape, but affirms his commitment to long-term building and delivery. “Our mission is clear — to build civilization on the blockchain,” he states, underscoring the gravity and optimism surrounding Yuga Labs’ efforts.
PS (an homage to Steve Jobs one more thing)
Daniel Alegre’s recent open letter to the Yuga Labs community was no exception. However, what really blew the community away was Steve Jobs’ “One More Thing” tweet. In a single tweet, Alegre hinted at something that sent Bored Ape Yacht Club (BAYC) owners into an absolute frenzy: “PS, clubhouse too.”
The Eleventh Hour Twist
Alegre’s well-crafted letter had already provided plenty of food for thought, from the restructuring of the company’s focus to the unmistakable commitment to community-focused initiatives. But, reminiscent of Steve Jobs’ famous style, it was this last tweet that caught everyone’s attention.
Rumors and Reality: The Clubhouse
Although the “clubhouse” reference was cryptic, it’s worth noting that the word holds significant buzz in the BAYC community. An exclusive SoHo members club located in South Beach, designed as an ultra-luxurious space for BAYC owners, had been rumored. Could this be the club Allegre cryptically mentioned? If so, it’s not just another venture. is a statement that will transform BAYC into not only an NFT community, but also a lifestyle brand.
A Beacon for Web3
The idea of a dedicated clubhouse is exciting in the context of Web3, a decentralized internet where blockchain is fundamental. A SoHo-style physical clubhouse represents the intersection of the digital and physical worlds, embodying the Web3 ethos by serving as a beacon where online community interaction transitions into real-world experiences.
What’s at stake?
With a tweet consisting of just two words, “also club,” Alegre has breathed new life and speculation into what Yuga Labs and the BAYC community will reveal next. But it also comes with added pressure to deliver something exceptional that can meet the heightened expectations now gripping the community.
I want to address some of the company feedback that I have received from many of you recently.
I respect relevant, pointed feedback, as I know it comes from a place of wanting to see improvements in our Yuga communities.
First, I’ll start by sharing some tips…
— Daniel Alegre (@dalegre) October 18, 2023
Yuga Labs CEO Daniel Alegre wrote an open letter addressed to various aspects of the company and the community. His transparent approach shows the pressures of being a leader in a volatile industry. Despite the challenges, Alegre expresses a clear commitment to long-term goals and community involvement.