- Yuga Labs is acquiring Roar Studios to enhance the Otherside metaverse and develop engaging social experiences for Web3 communities.
- Roar Studios secured $7 million in funding in 2021 to foster collaboration among musicians globally.
- Yuga Labs plans to utilize its ownership of prominent NFT projects to fuel the growth of Otherside.
Web3 powerhouse Yuga Labs is making strategic moves to bolster its Otherside metaverse and create captivating social experiences for Web3 communities. In a major development, the company has reached an agreement to acquire Los Angeles-based Roar Studios, a visionary venture founded by former entertainment industry executive Eric Reid in 2021.
Operating at the convergence of video games, music, and social media, Roar Studios managed to secure a remarkable $7 million in funding in October 2021 to construct a “music metaverse,” fostering collaboration among musicians worldwide on innovative musical projects. Now, with the backing of Yuga Labs, Roar Studios is set to leverage its expertise to contribute to the ambitious vision for Otherside and the broader Yuga ecosystem.
Yuga Labs, known for its ownership of prominent NFT projects like Bored Ape Yacht Club, CryptoPunks, Meebits, and 10KTF, aims to utilize these valuable assets to accelerate the growth of Otherside, despite its current beta stage.
As part of the acquisition deal, holders of Otherdeed NFTs have been treated to exclusive “Trips,” immersive live demos showcasing upcoming features, offering a glimpse into the potential of Otherside.
The press release announcing the acquisition outlined Yuga Labs’ high expectations for Roar Studios, emphasizing their dedication to creative content creation and social connections.
Daniel Alegre, the CEO of Yuga Labs, expressed confidence in Roar’s innovative technology, specialized expertise, and leadership, all of which are expected to play a significant role in propelling Otherside to new heights.
Following the finalization of the transaction, Eric Reid will assume the role of General Manager of Otherside at Yuga Labs, leading the charge in integrating Roar Studios’ unique vision with Yuga’s dynamic ecosystem.
This strategic move signifies Yuga Labs’ commitment to cementing Otherside’s position as a pioneering metaverse, offering engaging experiences to its Web3 audience. The acquisition of Roar Studios further solidifies Yuga Labs’ position as a major player in the Web3 space, opening up exciting possibilities for creative collaboration and social interaction within the Otherside metaverse.
With a wealth of expertise, cutting-edge technology, and an impressive portfolio of NFT assets at its disposal, Yuga Labs is undoubtedly poised to make a significant impact on the Web3 landscape.