Yuga Labs, creator of top-notch NFT collections like Bored Ape Yacht Club, announced a corporate restructuring involving job cuts after taking on too many diversified projects.
In a tweet on October 6, Yuga CEO Daniel Alegre revealed the company had eliminated a number of roles. While exact layoff numbers weren’t provided, Alegre admitted Yuga had overextended itself across too many initiatives.
Alegre said that upon joining Yuga Labs, he quickly realized many well-intentioned projects were distracting from the company’s core strengths and competencies.
To refocus, Yuga will concentrate more selectively on community engagement, its Otherside metaverse development, and key brand partnerships.
According to him:
“To create truly amazing experiences that matter to our communities and our business, we need to place our bets on fewer key initiatives and team up with complementary external partners to make these experiences happen.”
Alegre acknowledged that creating meaningful experiences requires betting on fewer key efforts and collaborating with specialized partners to execute ambitious plans.
The job cuts signify Yuga trimming costs and streamlining operations back towards its core NFT origins, like Bored Ape Yacht Club, which regularly generates millions in secondary sales.
After an astronomical rise over the past two years, the NFT market has slumped in 2022. Yuga is likely looking to tighten its belt amidst deteriorating conditions.
But the company still wields one of crypto’s most valuable brand names and fervent fan bases. W
ith renewed direction under Alegre, Yuga hopes to maintain momentum for its future metaverse and entertainment ambitions.
The restructuring follows recent upheaval across the crypto and NFT sectors as companies adjust to a prolonged bear market. Yuga’s cuts mirror downsizing efforts at giants like Coinbase and OpenSea and signal that no player remains immune to current headwinds.
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