Web3 and Non-Fungible Token giant Yuga Labs announced a corporate restructuring, while cutting several positions.
Yuga Labs cuts staff and restructures the company's apparatus
Mr. Greg Solano, co-founder and CEO of Yuga Labs since February 2024, announced the restructuring on social network X (Twitter). Yuga Labs is the $4 billion startup behind Bored Ape Yacht Club (BAYC) and many other popular Non-Fungible Token projects.
gm, really tough day today. I am hellbent on transforming yuga and getting us back to our roots, and that means making hard decisions. by far the hardest is saying goodbye to some talented team members. here was my message to the team this morning. pic.twitter.com/gBkoNf2iK3
— Garga. ETH (Greg Solano) 🍌 (@CryptoGarga) April 26, 2024
“Today is really a difficult day. I would love to restructure Yuga, returning us to our original mission, but this also means making difficult decisions. The hardest thing is saying goodbye to some talented members of the staff," Mr. Solano said in the restructuring announcement.
Mr. Solano also admitted that Yuga Labs has “lost its way” and will focus on building “a leaner, more flexible and truly crypto-savvy team.”
The CEO Chia : “I had to realistically XEM the company's position over the past two months. The company's creative spirit from the early days has now been dampened by complex business processes. We work hard but in the end we accidentally fall into creating groups and departments. We plan more than we execute.”
Farawaygg, a Web3 game development company that Yuga used to develop the game Dookey Dash, recently acquired the games HV- MTL and Legends of the Mara, Yuga's CEO said. As a result, Yuga can now focus more on developing the Otherside metaverse, with many notable updates to be announced soon.
Yuga Labs' restructuring plan came hours after the company announced the appointment of media industry veteran Won Kim as head of brand partnerships. Before joining Yuga, Kim founded an Non-Fungible Token fund and consulting firm called Bored Room Ventures and previously worked as a leader at FiveStone, South China Morning Post, Digg, ESPN, and several other businesses.
This event is not the only time Yuga Labs has laid off staff, as in October 2023, the company cut a number of positions to focus on developing the metaverse.
The recent decline of Yuga Labs can be seen most clearly through the BAYC floor price in mid-April falling to a 3-year low .
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