Yuga Labs Restructures, Lays Off Team Members
Yuga Labs, the creator of the popular NFT collection Bored Ape Yacht Club (BAYC), has undergone a company restructuring that resulted in layoffs. CEO Daniel Alegre announced the news in an email published on the firm’s website. While the exact number of affected employees was not disclosed, the restructuring impacted team members in the United States.
Co-founder Greg Solano acknowledged the job cuts and stated that there are currently 120 employees at Yuga Labs. He emphasized that these changes were necessary for the long-term success of the company.
“It’s a challenging time, not only for our industry but also for the global economy. We must stay focused on our core strengths as we continue to create unique, engaging experiences for the broader Yuga audience.”
Alegre explained that some projects had stretched the team too thin or required expertise outside their core competencies. To achieve their mission, Yuga Labs will collaborate with external parties. Following the layoffs, the company will prioritize the development of their blockchain gaming metaverse, Otherside, and release regular developmental updates in the coming weeks.
Hot Take: Yuga Labs Implements Restructuring to Ensure Long-Term Success
Yuga Labs’ decision to restructure and lay off team members reflects their commitment to positioning themselves for long-term success. The challenging economic climate necessitates focusing on core strengths while delivering unique experiences to their audience. By streamlining priorities and collaborating with external parties, Yuga Labs aims to overcome the challenges they faced from spreading their team too thin and executing projects beyond their core competencies. With a renewed focus on developing Otherside, their blockchain gaming metaverse, Yuga Labs is poised to release regular updates that will further engage their community and drive their long-term success.
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