Bored Ape Yacht Club (BAYC), CryptoPunks and Otherside will remain in the spotlight.

Yuga Labs, the company behind Bored Ape Yacht Club, has laid off some of its employees, according to a blog post published on October 6.

The company’s CEO Daniel Alegre wrote:

"After careful consideration, I have decided that we need to restructure the Yuga Labs team. These changes mean the elimination of a number of positions across the company, impacting some colleagues."

Alegre attributed the need for a strategic shift to the underperformance of launches in certain segments, particularly in the company’s game plan.

Alegre revealed that as part of the reorganization, Yuga Labs will delegate certain activities to external third-party companies. At the same time, Yuga Labs' internal development team will focus on web3 work and Otherside (the company's metaverse platform).

Elsewhere in the letter, Alegre said the company is "full steam ahead with the Otherside strategy." He noted that Otherside will launch new gaming experiences in 2024 and will form long-term partnerships to complement Yuga Labs' own efforts.

BAYC, CryptoPunks’ efforts will continue to be active

Alegre also commented on the status of certain high-profile products. He said that Bored Ape Yacht Club will expand a program called "Made by Apes," which will serve as a licensing model and community showcase for fan creations. Additionally, Alegre hinted at a gaming experience related to the Bored Ape product line coming in 2024.

Next, Allegre noted that Yuga Labs will continue to manage CryptoPunks (the NFT collection that Yuga Labs acquired in May 2022) by “improving and simplifying” the Punks application. He said a book on NFT collections is still in the works.

While both efforts will remain active, Alegre suggested that Yuga Labs merge its Meebits and 10KTF teams into the Otherside team.

Yuga Labs did not describe any specific market or revenue trends that led to its layoffs. However, activity in the NFT market has declined overall, despite generating a record-breaking $55 billion in revenue in 2022. While Yuga Labs plays a major role in some of the largest NFT collections, it is unlikely to be completely immune to this trend. #YugaLabs  #裁员