Jeff Nicholas is stepping down as the creative director of Yuga Labs’ Bored Ape Yacht Club (BAYC) to join Meta’s Reality Labs as a mixed-reality producer focused on entertainment experiences.
Nicholas announced his move via an X post, sharing that he will start his new role in September, where his focus will be on virtual products.
In his new role at Reality Labs, Nicholas will be responsible for developing and executing interactive content across platforms. His duties, as outlined in the LinkedIn job posting from two months ago, will include overseeing the creation and execution of consumer programs and setting the vision for these initiatives.
Nicholas described the career change as “bittersweet,” expressing gratitude for his time at Yuga Labs. In his post, he stated, “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 community that he remains deeply committed to the project, 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 creative director at BAYC for a little over a year, where he played a key role in shaping the strategic direction of the project. However, his decision to move could be connected to the broader challenges in the NFT market.
The market has seen significant downturns over the past two years, following the “boom” of 2021. Data from CryptoSlam shows that BAYC NFTs are now selling at prices 20% to 70% lower than what holders originally paid three years ago.
However, Reality Labs, the division Nicholas is joining, is also facing its own challenges. Earlier this month, Meta’s Reality Labs reported a $4.5 billion loss for the second quarter of 2024. This comes after the company experienced a nearly 40% decline in VR headset sales in 2023. Despite generating over $1 billion in sales during the fourth quarter, the division still posted a $4.65 billion operating loss.
