Yuga Labs, the company behind the highly acclaimed Bored Ape Yacht Club (BAYC) NFTs, is undergoing a major transformation in the cryptocurrency market. Greg Solano, co-founder of Yuga Labs, announced a substantial reduction in staff as part of the company’s efforts to redefine its position. Solano shared these strategic decisions on the social media platform X, shedding light on the recent changes made by the leadership.
“In the past two months, I have been resolute in changing our approach and methods, and this entails making some incredibly challenging strategic choices. Unfortunately, this includes a restructuring that affects certain functions within the company,” explained Solano in his statement.
Solano made it clear that these changes were prompted by a perceived deviation from the company’s original objectives. “To put it simply, Yuga has lost its way. Regaining focus and staying on the right path means becoming a smaller, more agile, and crypto-savvy team. A team that does fewer things, but does them exceptionally well,” he stated.
gm, really tough day today. I am hellbent on transforming yuga and getting us back to our roots, and that means making hard decisions. by far the hardest is saying goodbye to some talented team members. here was my message to the team this morning.
pic.twitter.com/gBkoNf2iK3
— Garga.eth (Greg Solano) (@CryptoGarga)
April 26, 2024
Yuga Labs recently sold the intellectual property rights of its NFT-based games, HV-MTL and Legends of the Mara, to gaming company Faraway. This strategic move is part of a larger plan to concentrate efforts on the development of their metaverse project, Otherside.
“We have already begun implementing parts of this plan, such as the spinout of HV-MTL and Legends of the Mara, which allows us to focus on our 3D Otherside gaming endeavors. Other aspects of the plan will be announced soon. And let me be clear, some things are still taking shape,” detailed Solano.
The decision to restructure the team and refocus their strategy signifies a significant step for Yuga Labs in firmly establishing itself as a prominent player in the crypto ecosystem.
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