Jeff Nicholas is stepping down because the inventive director of Yuga Labs’ Bored Ape Yacht Membership (BAYC) to hitch Meta’s Actuality Labs as a mixed-reality producer centered on leisure experiences.
Nicholas introduced his transfer by way of an X put up, sharing that he’ll begin his new function in September, the place his focus shall be on digital merchandise.
In his new function at Actuality Labs, Nicholas shall be liable for growing and executing interactive content material throughout platforms. His duties, as outlined within the LinkedIn job posting from two months in the past, will embrace overseeing the creation and execution of shopper packages and setting the imaginative and prescient for these initiatives.
Nicholas described the profession change as “bittersweet,” expressing gratitude for his time at Yuga Labs. In his put up, he acknowledged, “But bittersweet because, well, that means today is my last day with the incredible team at Bored Ape Yacht Club and Yuga Labs.”
He reassured the BAYC group that he stays deeply dedicated to the challenge, saying, “I minted Apes, I’m an Ape till I die, and I’m looking forward to continuing to be part of the community as this club, brand, and legacy unfold in the days, months, and years to come.”
Nicholas had been the inventive director at BAYC for slightly over a 12 months, the place he performed a key function in shaping the strategic course of the challenge. Nonetheless, his resolution to maneuver might be linked to the broader challenges within the NFT market.
The market has seen vital downturns over the previous two years, following the “boom” of 2021. Information from CryptoSlam reveals that BAYC NFTs are actually promoting at costs 20% to 70% decrease than what holders initially paid three years in the past.
Nonetheless, Actuality Labs, the division Nicholas is becoming a member of, can be going through its personal challenges. Earlier this month, Meta’s Actuality Labs reported a $4.5 billion loss for the second quarter of 2024. This comes after the corporate skilled an almost 40% decline in VR headset gross sales in 2023. Regardless of producing over $1 billion in gross sales through the fourth quarter, the division nonetheless posted a $4.65 billion working loss.
