SNEAK PEEK
- Yuga Labs, known for the Bored Ape Yacht Club NFTs, is undergoing significant restructuring.
- Several roles, mainly in the U.S., have been cut, but 120 team members remain.
- The restructuring follows a $450 million seed funding round 18 months ago, valuing Yuga at $4 billion.
Yuga Labs, the powerhouse behind the renowned Bored Ape Yacht Club NFT collections, has announced a significant restructuring. Consequently, several roles, predominantly in the United States, have been eliminated. However, the company remains committed to its core initiatives, with 120 dedicated team members still on board.
This move comes 18 months after Yuga Labs secured $450 million in seed funding. This funding round, led by the venture capital behemoth a16z, valued the company at an impressive $4 billion. However, the crypto industry has seen its fair share of turbulence recently. Notably, Chia Network and Utopia Labs, both major players in the crypto realm, have also announced workforce reductions this week.
Daniel Alegre, the CEO of Yuga Labs, shared insights into the company’s decision. He emphasized that since joining the company six months ago, his primary focus has been on honing the company’s vision. This vision centers on creative storytelling and robust community building, the very essence of Yuga Labs. Additionally, Alegre embarked on a comprehensive listening tour to grasp every facet of the business. He aimed to ensure that the team and projects were in perfect alignment with the company’s objectives.
However, Alegre soon recognized that several projects, despite their good intentions, either stretched the team’s resources or ventured beyond their core expertise. Hence, the decision to streamline operations and focus on what Yuga Labs does best.
Significantly, Yuga Labs remains committed to its thriving communities, including the Bored Ape Yacht Club and CryptoPunks. Moreover, the company’s acquisition spree in 2022 saw them take over the Web3 ecosystem WENEW and the flagship NFT collection 10KTF.
Looking ahead, Yuga Labs is fully invested in its Otherside metaverse strategy. This strategy encompasses gaming, entertainment experiences, and interactive social connections. Additionally, the company is keen on forging new partnerships, reminiscent of its previous collaborations with luxury brand Gucci and social media marketing powerhouse Bad Rhino.
