Yuga Labs announces US team layoffs and refocuses on metaverse and strategic partnerships amidst global economic challenges.
The popular non-fungible token (NFT) collection Bored Ape Yacht Club (BAYC), developed by Yuga Labs, has undergone major organizational restructuring that will result in the firing of certain team members.
Daniel Alegre, the CEO of Yuga Labs, announced in an email to the team that was posted on the business’ website on Friday, October 6, 2023. The restructuring initiatives impacted team members in the United States, albeit the CEO did not disclose the precise number of affected personnel.
According to co-founder Greg Solano, there are still 120 people at Yuga Labs, who also highlighted the job layoffs on X, but he added that the adjustments were required to ensure the company is “set up for long-term success.”
“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 create unique, engaging experiences for the broader Yuga audience.”
Alegre stated that “there were several projects that, while well-intentioned, either spread the team too thin or required execution expertise outside of our core competencies” in April 2023, after first making the news in December 2022.
The Yuga Labs CEO continued by saying that to fulfill Yuga Labs’ purpose, the startup may have needed more support internally and required external cooperation.
Alegre stated that the company will streamline its priorities after eliminating some roles, with a focus on the growth of the startup’s blockchain gaming metaverse, Otherside. Alegre also stated that the company will release “regular developmental updates in the coming weeks.”
