Yuga Labs, the company behind the popular Bored Ape Yacht Club, is undergoing yet another restructure amid market changes. CEO Greg Solano termed this as a ‘tough day,’ especially for the employees who got wind of layoffs during a company-wide meeting. Solano took to the helm of the company two months ago, intending to introspect its operations.
Solano concluded that the company’s initial creative-driven spirit was becoming entangled in complex corporate processes, leading to excess planning and less production. Creator royalties were once thriving, electrifying the entire ecosystem, yet the company is currently in a challenging phase. However, the CEO assures that a plan is already in place.
He pointed out actions already underway, including the spinout of HV-MTL and Legends of the Mara. Yuga also handed over game development reins to Faraway, a collaborator. Furthermore, the company’s chief gaming officer, Spencer Tucker, joined Faraway alongside the aforementioned properties. Going forward, Yuga’s primary focus is developing the Otherside metaverse project.
In the backdrop of the ongoing restructuring, Won Kim announced that he was taking up the role of Yuga’s head of Brand partnerships. Kim exited from his role as a co-founder at the Bored Room Ventures nonfungible token (NFT) fund and consulting agency to join Yuga.
The crypto community’s response to Yuga’s layoffs was mixed. While many expressed supportive sentiments for Solano’s course of action, others criticized the move including an individual identified as Ricefarmer who claimed to be among those laid off. Yuga Labs, recognized for pioneering NFT collectibles, also had a round of restructuring and layoffs in October due to market evolution. The company declined to comment more on the issue.