CEO Daniel Alegre announced the layoff to the labs’ staff via a company memo.
Yuga labs, the firm behind the blue chip Bored Ape Yacht Club NFTs and CryptoPunks has announced a staff cut that will affect its US team.
Yuga Labs cuts staff
CEO Daniel Alegre announced the layoff to the labs’ staff via a company memo.
According to the memo, the $4B company’s CEO said on Friday that he believed that the company had taken on too much internally, and that the company needed to refocus on its core strength while partnering with other companies along the way.
“After a recent period of thoughtful consideration, I have decided that we need to restructure the Yuga Labs teams,” Alegre wrote in a blog post. “The implication of these changes is that a number of roles have been eliminated across the company, impacting some of your colleagues.”
Alegre had joined the company from Activision earlier this year. He noted that upon joining, he realised that teams within the company were taking on projects beyond the company’s expertise.
“When I joined Yuga six months ago, my first priority was to lay out a clear vision that focused our team on the creative storytelling and community building that is at the core of Yuga,” Alegre explained. “I realized very quickly that there were a number of projects that, while well-intentioned, either spread the team too thin or required execution expertise beyond our core competencies.”
The memo didn’t specify how many positions or jobs were being cut. However, the CEO made clear that the job cut will only affect US employees.
Yuga Labs co-founder Greg Solano commented on the lay off on X, noting that the company had over 120 employees.
Read more: Bored Ape Yacht Club NFTs declines as general market continue to bleed
Shift in focus
The CEO explained that Yuga Labs is staying on its mission to create a culture on the blockchain since the company plans to strengthen its partnership with other similar companies.
Notably, the company is focusing its efforts on Otherside, Yuga’s gamified metaverse. Under the strategic direction of Eric Reid and his team, the digital platform aims to weave together gaming, entertainment, and dynamic social connections with others. Also, the firm guarantees that every digital engagement will support Otherside’s progress, resulting in a seamless and enjoyable user experience.
Yuga is “going all-in on our Otherside strategy,” Alegre wrote in the memo, adding all ongoing digital material from the firm will connect to the metaverse platform. He explained that the teams working on the 10KTF digital clothes project and the NFT avatar project Meebits would be merged into Otherside.
Since April, Otherside volumes have stagnated. In the first week of October, the project only brought in $356,000 in sales in comparison with millions in weekly sales earlier in the year.
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