Kieran Warwick, co-founder of blockchain RPG Illuvium, believes Yuga Labs’ latest hire will be a boon for GameFi.

The appointment of one of Activision Blizzard’s top executives to a leadership position at Yuga Labs, parent company of Bored Ape Yacht Club, was seen as a boon to its Metaverse efforts and further industry validation of cryptography.

On December 19, Yuga Labs confirmed that it had named Daniel Alegre — Activision Blizzard’s current president and COO — as its new CEO. He will take over the management of the company in the first half of 2023, succeeding current Managing Director Nicole Muniz.

Activision Blizzard, a gaming giant with a market cap of around US$60 billion, is responsible for popular game franchises such as Call of Duty, World of Warcraft, Diablo and Overwatch. Alegre has held the position since 2020.

Kieran Warwick, the co-founder of blockchain RPG Illuvium, said in a Dec. 19 tweet that Yuga Labs’ recruitment is “important to all of GameFi,” suggesting it will spark the next bull run in the crypto market. by Web3 powered game.

“Every day there is more and more news about new traditional gaming players entering the space. DeFi 2.0 is cool. But playing will be the narrative that initiates the next inning,” he explained. .

Andrew Soro, vice president of global business development at blockchain technology company Immutable, had similar thoughts in a reply to Warwick, noting that the nomination was a “[huge] signal and affirmation for the space.”

Non-fungible token (NFT) promoter and managing partner of NFT investment fund Sfermion Andrew Steinwold called the news “WILD”.

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“Someone of this caliber jumping into the NFT space to lead one of the leading companies?! Big news and a positive signal for our entire industry,” he said.

According to Yuga Labs’ Dec. 19 disclosure, Alegre will be working closely with Yuga Labs founders Wylie Aronow and Greg Solano.

Aronow explained that they “have been looking for someone with Daniel’s abilities for some time” to help with “our vision of a truly interoperable metaverse.”

In a statement, Alegre said he’s excited about the new role, noting that the company’s pipeline of products, partnerships and intellectual property represents a “huge opportunity to redefine the metaverse” where creators and users share ownership of theirs identity and their digital property. Financial assets.

His contract with Blizzard ends March 31, when he takes over as CEO of Yuga Labs. Muniz, the current CEO, is expected to remain as a partner and strategic advisor.

Also see: How GameFi is helping crypto and NFTs grow

Founded in 2021, blockchain technology company Yuga Labs develops digital collectibles and is arguably best known for its NFT collections Bored Ape Yacht Club and Mutant Ape Yacht Club.

He worked on a Metaverse product called Otherside, which uses gameplay mechanics from mainstream MMORPGs and Web3 technology.

Otherside drew 4,500 people to the “First Trip” tech demo on July 16, and the developers said in the lightweight draft article that future development will be shaped by community member participation.

On November 15, the company acquired 10KTF, an NFT game founded by digital artist Mike “Beeple” Winkelmann.

Source: CoinTelegraph