Greg Solano, co-founder of Yuga Labs, the company responsible for the renowned Bored Ape Yacht Club (BAYC) NFTs, announced a significant staff reduction as part of an effort to reposition the company in the cryptocurrency market. The statement was made via social media platform X, where Solano shared insights into recent strategic decisions made by leadership.
“Over the last two months I have been determined to change what we do and how we do it, and that means making some very difficult strategic decisions. Unfortunately, this includes a restructuring and some functions within the company are affected,” explained Solano in his message.
Solano clarified that the motivation behind these changes is a perceived deviation from the company's original goals. “To put it simply: Yuga has lost his way. Being centered and on the right track means being a smaller, more agile and cryptoactive team. A team that does fewer things, but does them brilliantly,” 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
Recently, Yuga Labs proceeded with the sale of the intellectual property rights of its NFT-based games, HV-MTL and Legends of the Mara, to gaming company Faraway. This move is part of a larger strategy to focus efforts on the development of its metaverse project, Otherside.
“Parts of this plan have begun to be implemented, such as the spinout of HV-MTL and Legends of the Mara, which allows us to focus our 3D Otherside gaming efforts. Other aspects of the plan will be announced soon. And to be clear, some things are still taking shape,” Solano detailed.
The decision to restructure the team and adjust strategic focus indicates a significant move for Yuga Labs in its commitment to firmly establishing itself as a key player in the crypto ecosystem.
