Yuga Labs, the parent company of BAYC, has appointed Spencer Tucker as its first Chief Gaming Officer.

Neha Roy

 Yuga Labs, the creators of the Bored Apes Yacht Club (BAYC) NFTs, has named Spencer Tucker Chief Gaming Officer. While the BAYC and Mutant Apes collections of NFTs are among the most popular, Yuga Labs is now seeking to create a position in the blockchain gaming market as well. This is the first time Yuga Labs, which was created in 2021, has employed someone specifically to oversee its gaming-related strategies and efforts. According to a Zipmex analysis, the global gaming industry is expected to grow to $314.40 billion (approximately Rs. 25,04,800 crore) by 2026, up from $173.70 billion (about Rs. 13,84,100 crore) in 2020.

Yuga Labs' new chief of gaming specialises in game creation, design, and Web3 gaming. Tucker formerly worked as Scopely's President of Games and Gree International Entertainment's Senior Vice President of Product.

"I am beyond excited to join the Yuga Labs team and to continue building toward the new era of interoperability and community-powered growth in the Otherside metaverse," Tucker said in an official statement. "Web3 is revolutionising gaming, entertainment, and community in much the same way that the shift to mobile revolutionised communication."

Yuga Labs is also working on an interoperable metaverse project called the 'Otherside,' which Tucker will manage as part of his new post.

According to a DappRadar study, as of March 2022, the projected market worth of Yuga Labs' NFTs was about $8.1 billion (roughly Rs. 64,600 crore), representing 42.6 percent of the $19.1 billion (nearly Rs. 1,52,200 crore) market cap of Ethereum's top 100 NFT collections.

The corporation is the parent company of prominent NFT series such as Bored Ape Yacht Club, CryptoPunks, and Meebits, but it now seeks to expand outside the NFT industry.

"Yuga is so much more than that. Gaming is one of our primary areas of interest. "Through basic principles like as ownership, utility, community, and narrative, we are well positioned to revolutionise the way we all think about Web3 gaming," stated Nicole Muniz, CEO of Yuga Labs, in response to the news.

The business, which has already recruited experts from Google, Oculus, Twitter, Apple, and Dune Games, among others, plans to grow its workforce to 100 full-time employees by the end of 2022.

The corporation was recently accused of duping consumers into purchasing digital collectibles. The impetus for this action is supported by an examination of how ApeCoin reached an all-time high of $26.70 (approximately Rs. 2,100) before falling 82.5 percent to trade at $4.66 (about Rs. 400) by June 30.

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