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Yuga Labs, the $4 billion startup known for its involvement in NFT (Non-Fungible Token) projects like the Bored Ape Yacht Club, has announced internal restructuring measures resulting in employee layoffs. While the exact number of layoffs remains undisclosed, Yuga Labs co-founder Greg Solano assured the public that the company still maintains over 120 employees.
The restructuring process, which led to the layoffs, primarily affected Yuga Labs’ teams based in the United States. However, specific details regarding the extent of the impact on the workforce have not been made public. Yuga Labs has yet to provide additional comments or information concerning the layoffs.
I’m sure many of you have seen the news that Yuga is undergoing a restructure today. Shit day obviously. Hurts to part ways with team members who have been in the trenches with us. But we needed to make some changes to the company in order to make sure we’re set up for longterm… https://t.co/RF0QGydqze
— Garga.eth (Greg Solano) (@CryptoGarga) October 6, 2023
In a letter posted on Yuga Labs’ website, Daniel Alegre, the company’s CEO, revealed that they are making changes to remove specific roles. The announcement did not specify the number of team members affected. Alegre explained that this decision comes after careful internal evaluation.
Daniel said, “It’s a challenging time, not only for our industry but also for the global economy. We must focus on our core strengths as we create unique, engaging experiences for the broader Yuga audience. The restructuring today impacts US team members, and we are actively reviewing the impact on our international teams.
Daniel explained that the company will now focus on Otherside, which is Yuga’s metaverse with games, entertainment, social connections, and more. They will also regularly share updates about Otherside’s development in the coming weeks. Furthermore, Yuga intends to form lasting partnerships to achieve its mission of creating a blockchain-based cultural platform.
He added, “I realized very quickly that there were a number of projects that, while well-intentioned, either spread the team too thin or required execution expertise beyond our core competencies.”