Bored Ape Yacht Club creator Yuga Labs now in "hard mode", lays off more employees

[Jobhunter]

 

Yuga Labs, the creative force behind the renowned Bored Ape Yacht Club, has embarked on a restructuring journey. The company, once valued at a staggering $4 billion, has today confirmed the dismissal of an undisclosed number of employees, after an earlier round of layoffs last October.

 

The CEO, Greg Solano, also known by his moniker “Gargamel,” expressed his determination to transform the company. In a candid social media post, Solano admitted that Yuga Labs had strayed from its original path and the company is now in “hard mode”. His vision now is to steer the company towards becoming a leaner, more agile, and cryptonative team.

 

 

Solano’s heartfelt message to the team revealed the difficulty of bidding farewell to talented team members. Despite the challenges, the CEO remains committed to returning the company to its crypto roots.

 

Yuga Labs, founded in 2021, quickly rose to fame with its unique nonfungible token (NFT) collection, the Bored Ape Yacht Club. However, the company has faced its share of controversies, including a lawsuit from investors and delays in launching its highly anticipated Otherside video game.

 

As part of the restructuring, Yuga Labs will concentrate its gaming efforts on "3D Otherside". Further details about its gaming plans are expected to be announced soon.

 

This restructuring marks a significant shift for Yuga Labs. It raises questions about the future of the company and its impact on the NFT space. As the company navigates through this transition, the crypto community will undoubtedly be watching closely.

 

What are your thoughts on Yuga Labs’ restructuring? Do you think this move will strengthen the company’s position in the NFT market? Share your views in the comments below.

 

 

Read more:

• https://www.theblock.co/post/291224/yuga-labs-restructures-company-cuts-roles-to-focus-on-smaller-crypto-native-team
• https://cointelegraph.com/news/yuga-labs-restructures-layoffs-new-exec
• https://www.bloomberg.com/news/articles/2024-04-26/bored-ape-creator-yuga-labs-dismisses-employees-in-restructuring

 

Image: Rafael Henrique | Dreamstime.com