Yuga Labs’ latest announcement is a potential booster for the company’s metaverse push. The organization said that they will appoint the current Activision Blizzard (NASDAQ: ATVI) COO and President, Daniel Alegre, as their new CEO. He will replace the current chief executive officer, Nicole Muniz, from the position. The firm is popular for their NFT collection Bored Apes Yacht Club (BAYC).
A Big Addition to The Company
Activision Blizzard is among the most admired companies in the gaming industry having intellectual property rights to franchises like Call of Duty, Overwatch and more. Recently, their subsidiary, Activision, launched COD: Modern Warfare 2, which brought fan favorite characters Soap and Ghost back from previous MW games.
Illuvium co-founder Keiran Warwick believes that Yuga Labs will present a good game after this move. The company is currently working on their Otherside metaverse which enabled the users to experience its “First Trip” during July 2022. Since then, there’s no news on the gameplay or the official release. Though the reports say that it will officially be revealed at some point in 2023.
Also, he shed light on the fact that people from traditional gaming are entering the space. Gamers from the conventional industry are not in favor of implementing NFTs in games. Keiran also thinks that “Gaming will be the narrative that kicks off the next run”. The users in the comment section supported Warwick’s view on the situation.
Okay. I believe @yugalabs is going to make a good game now. This is big for all of GameFi.
Every day more news comes out about new players from traditional gaming entering the space. DeFi 2.0 is cool. But gaming will be the narrative that kicks off the next run.
— Kieran.eth
The company may use Daniel Alegre’s expertise to create more “Activision Level” metaverse game for the users. Microsoft (NASDAQ: MSFT) announced their merger with Activision Blizzard in a $68.7 Billion deal during January 2022. The Federal Trade Commission (FTC) wasn’t happy with the move and said that they will challenge this deal in court. However, Bobby Kotick, company’s CEO, issued a letter saying that they believe Activision will win the challenge.
ATVI Stock Price Action
The year has proven highly volatile for the ATVI stock. It traded at the yearly high of $87 during January 2022 following Microsoft’s announcement. The shares have changed hands between $82 and $76 till July 2022, breaking the support once during June 2022.
Currently, ATVI stock was trading at a market value of $75.99, down by $0.12% in the past 24 hours. Regression shows that the price has reached max buyers for now and may see them exiting their positions. Company’s recent quarter earnings show positive returns with reported EPS of $0.68 and $1.78 Billion in revenues.
Disclaimer
Views given by the author in this article do not offer any investment advice to the readers. Please do not make any investment based on this writing piece.
Source: https://www.thecoinrepublic.com/2022/12/20/activision-blizzard-president-to-replace-yuga-labs-nicole-muniz/