Yuga Labs Announces Major Restructure, Leading to Layoffs in U.S. Teams
The company's revamp will see a number of its U.S.-based employees laid off, with internal efforts channeled toward the development of Web3 components and Otherside.
Yuga Labs, the startup behind the renowned Bored Ape Yacht Club NFT, recently announced a major restructuring process amidst changing tides in the NFT market. The company, currently valued at $4 billion, will lay off a number of its U.S.-based staff as part of its revamp.
The restructuring move comes on the heels of an internal ops review led by CEO Daniel Alegre. While specifics on the layoffs remain undisclosed, Alegre confirmed that the cuts, for now, will only affect the U.S.-based workforce. The status of international teams within the organization is pending further evaluation.
Co-founder Greg Solano expressed remorse over the decision, understanding the implications of parting ways with committed team members. He, however, echoed Alegre's sentiments, underlining the necessity of the change to maintain the company's relevancy and viability, especially in light of Yuga's rapid growth phases.
In the backdrop, Alegre emphasized the need for more focused execution, referencing achievements like the Dookey Dash game and the generative art from Bitcoin Ordinals. He also pointed to gaps, especially in the Web3 gaming space, signaling an area for improvement.
Yuga seems to be strategically anchoring its sails on its forthcoming metaverse game, the Otherside. Recent investments in the spatial computing startup Hadean and collaborations with tech and creative partners underscore the company's dedication to bolstering Otherside's development. Alegre has even committed to integrating all current digital projects, including the likes of Meebits and the 10KTF digital apparel, into the metaverse platform.
While the development details of Otherside have been scant, Alegre promises more updates soon. He also candidly addressed the broader challenges the crypto industry faces and the global economy at large.
Launched in early 2021, Yuga Labs shot to fame with the Bored Ape Yacht Club collection. Despite the meteoric rise, recent shifts in NFT trends and the faltering prices of BAYC and ApeCoin have demanded a rebalance for Yuga to remain viable.
As the restructure unfolds, all eyes from the crypto and wider tech sphere will be on Yuga Labs. Its ability to navigate these turbulent waters adeptly will be crucial for its long-term success.