Leading web3 company Yuga Labs has announced its agreement to acquire tech innovator Roar Studios to bolster its ambitions Otherside project.
Adopting Roar’s Tech For OthersideThe announcement was made on July 31 by Yuga Labs, home of popular NFT collections like Bored Ape Yacht Club (BAYC), CryptoPunks, Meebits, and 10KTF. On the other end of the deal is tech innovator Roar Studios, working at the intersection of gaming, social media, and the metaverse. As per the announcement, Yuga Labs is seeking to add more value to its Otherside project, which is being designed to be an interoperable metaverse that will revolutionize virtual experiences.
Following the acquisition, Roar Studio’s CEO, Eric Reid, will take on the role of General Manager of Otherside. With over two decades of experience in building teams and creating and distributing film, television, and music content for global audiences, including work on film franchises like UNDERWORLD, Reid brings valuable expertise to lead the development and production of the Otherside platform.
Addressing the acquisition by Yuga Labs, Reid stated,
"Our team's mission is to empower players to create and be social in a community-driven, open media experience, so our work fundamentally aligns with Yuga's larger web3 metaverse strategy. When Daniel and Mike Seavers opened the door for us to contribute to Yuga's paradigm-shifting approach to content and immersive experiences, we jumped at the opportunity."
Roar Studios has been making waves with its creation, ROAR, an immersive media platform where artists and fans can connect, collaborate, and compete in real time from anywhere. The platform combines cutting-edge proprietary technology with established MMO games and platform systems, resulting in an entirely new product category—an experiential, semi-autonomous music and entertainment world driven by individual content creators and community consensus.
Yuga's Expansive Vision and Roar's Complementary ExpertiseOtherside, one of the most ambitious interactive metaverse projects to date, is designed with community participation in mind, rejecting the concept of traditional walled gardens in gaming spaces. The project's success is evidenced by its $450M seed funding round in March 2022, valuing Yuga Labs at $4B.
The acquisition of Roar Studios will bring in a team that has experience in redefining how media content is experienced in virtual environments.
Daniel Alegre, CEO of Yuga Labs, has welcomed Roar's talented team to the Yuga family, saying,
"Roar Studios has redefined what it means to experience media content in the metaverse. Yuga's North Star is creating new ways for communities to connect and express themselves, and I am excited to welcome Roar's talented team to our Yuga family. Roar's dedication to creative content creation and social connections will accelerate our execution of our bold vision for Otherside and Yuga's ecosystem more broadly."
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
