Yuga Labs, the company renowned for creating the Bored Ape Yacht Club (BAYC) NFTs, is undergoing a major staff reduction as part of its efforts to reposition itself in the cryptocurrency market. Greg Solano, co-founder of Yuga Labs, made the announcement on social media platform X, where he provided insights into the recent strategic decisions made by the company’s leadership.
“In the past two months, I have been determined to change our direction and how we operate, which means making some very difficult strategic choices. Unfortunately, this includes a restructuring that will impact certain functions within the company,” explained Solano in his message.
Solano clarified that these changes were motivated by a perceived deviation from the company’s original objectives. “In simple terms, Yuga has lost its way. Regaining our focus and staying on track means becoming a smaller, more agile, and crypto-savvy team. A team that does fewer things, but excels at them,” he stated.
On April 26, 2024, Solano shared a heartfelt message with the team, expressing the difficulty of the decisions made and bidding farewell to the talented team members affected by the restructuring.
Recently, Yuga Labs sold the intellectual property rights of its NFT-based games, HV-MTL and Legends of the Mara, to gaming company Faraway. This move is part of a larger strategy to concentrate efforts on the development of its metaverse project, Otherside.
“We have already begun implementing parts of this plan, such as spinning out HV-MTL and Legends of the Mara, which allows us to focus on our 3D Otherside gaming endeavors. Other aspects of the plan will be announced soon. It’s important to note that some details are still taking shape,” Solano explained.
The decision to restructure the team and adjust strategic focus signifies a significant step for Yuga Labs in its commitment to establishing itself as a prominent player in the crypto ecosystem.
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