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Yuga Labs, acclaimed for its Bored Ape Yacht Club NFTs and valued at a staggering $4 billion, recently announced a major restructuring move. As the digital art realm continues to evolve, companies are reassessing strategies, fine-tuning operations, and ensuring they’re poised for the challenges ahead. Let’s dive into the details of this strategic shift and its implications for the NFT titan.
Refocusing Company Strategy
The renowned startup, esteemed at a whopping $4 billion and the powerhouse behind the coveted Bored Ape Yacht Club NFTs, has unveiled significant restructuring plans, translating into several layoffs. This announcement, made on Friday, underscored the company’s intention to narrow its focus, postulating that they may have stretched their internal capacities a tad too far.
The CEO’s Perspective
The company’s CEO, in a statement shared with the public, accentuated the pressing need for the company to channel its energies more efficiently, suggesting that partnering with external teams might be a route forward. Reflecting on the firm’s journey, he highlighted that while the ambition behind numerous projects was commendable, they sometimes ventured into territories that were not their primary forte.
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
Yuga Labs Layoffs
While the exact figures concerning the layoffs are still under wraps, the company clarified that the current changes predominantly affect their U.S.-based personnel. The future of its international workforce remains under deliberation.
Affirming the Team’s Strength
A company co-founder, through a tweet, provided some solace by indicating their team’s continued strength, noting that they still have a robust lineup of over 120 professionals. Just last year, the company announced a global full-time strength of over 100 members.
Acknowledging the Challenges and the Path Ahead
Addressing the difficult decision, the co-founder was candid in expressing the pains of the current restructuring but also emphasized its necessity for ensuring long-term growth and stability. He lauded some of the company’s recent successful partnerships and product launches, while also conceding that certain endeavors hadn’t quite lived up to their established standards.