SNEAK PEEK
- Yuga Labs announces restructuring with layoffs and a new executive team to steer through market changes.
- CEO Greg Solano highlights a shift from a creative-first approach to cumbersome corporate processes and outlines a refocused strategy.
- The company’s renewed commitment to the Otherside metaverse project aims to stabilize its position in the digital collectibles market.
Yuga Labs, the originator of the Bored Ape Yacht Club, announced another significant restructuring, including layoffs and leadership changes, as it adapts to market shifts. CEO Greg Solano revealed the changes in a company-wide meeting, signaling a renewed focus on their Otherside metaverse project amidst operational challenges.
Solano, who assumed the CEO role recently, spent two months assessing the company’s direction and practices. He identified a shift from the original creative-driven approach to one burdened by complex corporate processes. “We work hard and care deeply, yet we find ourselves entangled in committees and excessive planning,” Solano expressed in his message to the staff.
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
In response to these challenges, Solano outlined a strategic reorganization that is already underway. This includes the spinoff of HV-MTL and Legends of the Mara to game developer Faraway, a previous collaborator with Yuga. Spencer Tucker, Yuga’s chief gaming officer, has transitioned to Faraway as part of the deal announced earlier this month.
Moreover, Yuga Labs welcomed Won Kim as the new head of brand partnerships. Kim, co-founder of the Bored Room Ventures NFT fund and consulting agency, brings a wealth of experience to his new role at Yuga.
The company’s strategic pivot follows a broader industry trend of restructuring within the NFT market, which has seen fluctuating interest and valuation in recent months. Yuga Labs remains committed to revitalizing its creative spirit and streamlining operations to better align with its foundational goals.
Additionally, the announcement drew mixed reactions from the online crypto community, with many supporters expressing solidarity with Solano’s transparent communication. Yet, not all feedback was positive, as some laid-off employees voiced their grievances publicly.
As Yuga Labs continues to navigate these turbulent times, its focus sharpens on the Otherside project, aiming to leverage its expertise in NFT collectibles and interactive digital experiences to regain momentum and market leadership.
The restructuring and strategic refocusing are pivotal as Yuga Labs strives to adapt to an evolving digital landscape, ensuring its creative legacy endures amid new challenges.
