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Yuga Labs, the team behind the Bored Ape Yacht Club (BAYC) NFT collection, has begun a company restructuring to prioritize its core crypto business, which includes the Otherside metaverse project, company co-founder Greg Solano said in a recent post said. on X.
GM, really tough day today. I am determined to transform yuga and get us back to our roots, and that means making tough 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,
As part of the restructuring process, Yuga Labs cut its workforce, although the company did not specify the number of employees affected. Solano said that Yuga Labs “has lost its way” and needs to become a “smaller, more agile and cryptonative team.”
“The creative-first spirit that drove this company from the beginning has become muddled by labyrinthine corporate processes. We work hard and we care, but somehow end up in groups and committees. We plan more than we send,” Solano said.
He refers to Yuga Lab’s early success as “playing the game on easy mode” when creator royalties on NFTs were rampant. But the easy mode was over. Solano said Yuga Labs is now “in hard mode” – going “from zero to one” with the community’s incredible support.
Solano also mentioned that Yuga Labs is spinning off other projects, including HV-MTL and Legends of the Mara (LoTM), to focus its gaming efforts on 3D Otherside. The company announced earlier this month that game builder Faraway had acquired the HV-MTL and LoTM brands.
This is not the first time Yuga Labs has undergone restructuring. Last October, the company announced a reorganization and layoffs focused on its American employees. At that time, Yuga Labs had approximately 100 employees worldwide.
Yuga Labs is announcing a restructuring that will better focus our team on our core priorities. Although certain roles have been affected, these changes are necessary to evolve as an organization. For more, see a note written by @dalegre on our https://t.co/722YfqwaCB official blog.
— Yuga Labs (@yugalabs) October 6, 2023
Yuga Labs’ efforts to regain its footing
Yuga Labs is best known for creating the Bored Ape Yacht Club (BAYC) NFT collection, which has become one of the most valuable and prominent NFT projects.
Following the success of BAYC, the company released a number of additional NFT collections, such as Mutant Ape Yacht Club (MAYC) and Bored Ape Kennel Club (BAKC). In March 2022, Yuga Labs raised $450 million in funding led by Andreessen Horowitz (a16z), to develop “Other Side”, a gamified metaverse that will integrate its various NFT collections.
However, BAYC’s luster started to fade after the crypto downturn in 2022-2023. The prices fluctuated, and some celebrity backers sold their NFTs.
According to data from NFT Price Floor, the floor price of one of these blue-chip NFTs fell below 11 Ether earlier this month, reflecting a drop of more than 90% from the collection’s peak nearly two years ago.
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