With the new acquisition, Yuga Labs aims to strengthen its presence in the Web3 realm.
In a move that underscores its soaring ambitions for the Metaverse, non-fungible token (NFT) giant Yuga Labs has announced its plans to acquire Roar Studios, a trailblazing Metaverse development startup.
The news came to light on July 31st when Yuga Labs took to X to reveal the forthcoming acquisition, citing the need to fulfill its "expansive vision" for Otherside.
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It is worth noting that Roar Studios' founder and CEO, Eric Reid, is set to become the general manager of Otherside, where he will spearhead the Metaverse's development and production.
Adding to Yuga Labs' growing talent pool, several of Roar's audio, game, and artificial intelligence engineers will also join the NFT conglomerate. Roar's team, which has 14 members according to LinkedIn, is expected to make significant contributions to the development of Otherside.
So far, the public has only been given a few sneak peeks of Otherside through some early access demos that began in August 2022 and a recent "vibe check." The timeline for the official launch of the project remains undisclosed.
In mid-July, Yuga Labs' chief, Daniel Alegre, revealed that the company was still diligently developing Otherside. He also noted that, due to the project's "audacious" nature, it would take some time before completion.
Yuga Labs has made a series of strategic acquisitions in the past. These include the iconic NFT collections CryptoPunks and Meebits in March 2022 and the NFT game 10KTF, founded by Beeple in November 2022. This acquisition streak, culminating with Roar Studios, accentuates Yuga's intent to become a dominant player in the Metaverse and NFT realms.
