- Yuga Labs CEO makes yet another tough decision.
- The blue-chip NFT company is restructuring again.
- Greg Solano shares the company has lost its way.
Yuga Labs, the masterminds behind blue-chip NFT project Bored Ape Yacht Club (BAYC), finds itself still weathering the remnants of the previous bear market as it grapples with ongoing challenges despite the market’s gradual upturn. Having reluctantly trimmed a substantial portion of its team in October 2023, the web3 giant acknowledges that it is still not optimized enough, prompting another major layoff.
Yuga Labs’ Tough Decision
“Really tough day today,” shared Yuga Labs co-founder Greg Solano in a message to company employees as he announced another round of layoffs.
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Speaking on the restructuring, Solano, who recently took over the helm of the web3 giant as CEO, expressed that he is “hellbent on transforming Yuga,” and to do that it requires “making the hard decision” of saying goodbye to team members.
Solano explained the reasoning behind the decision and noted that the Web3 giant had lost its way. He opined that the labyrinthine corporate processes muddied the ‘creative-first spirit’ that drove the company from inception, prompting them to be planning more than shipping.
Moving forward, Solano highlighted that Yuga Labs will shift towards becoming a more agile crypto-native team focused on Web3 games like its Otherside metaverse project. He mentioned that some steps in the reorganization have already been taken, including the spinout of HV-MTL and Legends of the Mara, announced on April 17.
On the Flipside
- Yuga Labs’ restructuring announcement came hours after it announced that media veteran Won Kim was joining the firm as head of its brand partnerships.
- Yuga Labs’ previous CEO shared that despite its successful initiatives, its structure wasn’t optimized for in-house development, leading to its discontinuation of projects.
Why This Matters
Greg Solano is committed to returning Yuga Labs to its creative roots. The transition from a large corporate structure could prove pivotal in the company’s ability to innovate and deliver better products.
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