The folder "Images.xcassets" doesn't exist

I used the hotkey combinations for Cleaning the Project and Cleaning the Build Folder. Building again after this did the trick. The problem came up after merging too Git Repository Branches of our Project and trying to build.

Clean Build Folder:

Option + Shift+ Command + K

Clean Project:

Shift + Command + K

You have probably set your launch images to be extracted from an asset catalog (which is 'images.xcassets' by default). If you don't want to use asset catalogs, go to your application settings and select 'don't use asset catalogs', but, if you do (I recommend you do use asset catalogs for App Icons and Launch Images), click 'create asset catalog'. If that option isn't available, right click on your project, select 'New File', go to 'Resource', and select Asset Catalog.