According to Cointelegraph: Yuga Labs Undergoes Another Restructure with Layoffs and New Executive Hire
In a shifting marketplace, Yuga Labs, the developer behind renowned Bored Ape Yacht Club, is yet again restructuring the company, leading to layoffs and the integration of new leadership.
CEO of Yuga Labs, Greg Solano, described it as a "tough day" in a message sent out to the company's employees, which he then shared publicly on X. Layoffs were communicated during an all-hands meeting, an outcome of Yuga losing its focus, as per Solano.
Solano (SOL) reportedly stated his realizations during his two-month leadership, indicating that the creative spirit that initially drove the company had been overshadowed by complex corporate processes. According to Solano, the company seemed to be planning more than delivering, despite working hard.
With the challenges at hand, Solano plans to redirect the company. Some reorganization actions, such as the spinout of HV-MTL and Legends of the Mara on April 17, were already underway. Game developer Faraway acquired these properties and also onboarded Yuga's chief gaming officer, Spencer Tucker. Solano's priority, as disclosed in his April 26 message, is the development of Yuga's Otherside metaverse project.
Before Solano's announcements, Won Kim declared his appointment as Yuga's head of brand partnerships on X. Kim previously co-founded the nonfungible token (NFT) fund and consulting agency Bored Room Ventures, which he left for Yuga.
Yuga Labs encountered mixed reactions from the crypto community on X regarding the new layoffs and changes.
Despite its pioneering role in the NFT collectible space, Yuga Labs has struggled to adapt to the evolving market conditions. In October, it had undergone a prior restructuring leading to several layoffs.
Yuga Labs declined to comment further on the situation when contacted by Cointelegraph.