Yuga Labs, the mastermind behind the Bored Ape Yacht Club (BAYC) non-fungible token (NFT) collection, has disclosed its second company restructuring and subsequent round of layoffs in just over six months. The announcement was delivered by Greg Solano, the company’s CEO and co-founder, who assumed the leadership role in February.
Co-Founder Stresses the Need for Yuga Labs to Rediscover Its Direction
On Friday, April 26, Greg Solano utilized the X platform as a forum to disclose the impending alterations in Yuga Labs’ operational and personnel framework. Describing the day as “tough,” Solano candidly admitted that the NFT company had “lost its way” and emphasized the necessity of redirecting its focus onto the correct trajectory.
Solano’s message to the staff read:
I’ve had to take real stock of where the company is at while at the helm these last two months. The creative-first spirit that drove this company from inception has been getting muddied by labyrinthine corporate processes. We work hard and we care but somehow end up with groups and committees. We plan more than we ship.
In his message, the co-founder of Yuga Labs suggested that the company had enjoyed relatively smooth sailing over the past few years, particularly benefiting from the steady influx of creator royalties. However, recent shifts in the landscape, particularly concerning alterations to royalties enforced by prominent NFT marketplaces like OpenSea, Blur, and LooksRare, have presented challenges for Bored Ape Yacht Club (BAYC) creators.
Solano elaborated on the restructuring initiatives underway at Yuga Labs, shedding light on the spinout of HV-MTL and Legends of the Mara. According to him, this strategic move aims to streamline the company’s focus on gaming endeavors, particularly honing in on the development of 3D Otherside. Furthermore, Solano hinted at additional components of the restructuring plan yet to be unveiled, suggesting that further details would be forthcoming.
Yuga Labs Welcomes Fresh Talent for Brand Partnerships Leadership
Shortly preceding the CEO’s announcement regarding the restructuring, Won Kim shared on X through a series of posts his new role as the Head of Brand Partnerships at Yuga Labs. Whether this appointment aligns with the ongoing strategic reorganization within the NFT company remains ambiguous. Kim, who co-founded the web3 consulting agency and NFT fund Bored Room Ventures, will focus on establishing robust and strategic brand relationships for Yuga Labs. He mentioned his intention to relinquish his position at Bored Room Ventures, with his co-founders assuming leadership responsibilities at the organization.
Big update!
I am beyond thrilled to share that I’ve joined @yugalabs as Head of Brand Partnerships. It’s an awesome role with an incredible team to continue building culture on the blockchain.
— won kim (@wonk1m) April 26, 2024
In a post, the co-founder stated:
My journey into Web3 has been all the feels, and I am lucky to continue building in Web3, and there is no better place to do that than Yuga Labs. This opportunity is beyond just a job; it’s about the experiences, the holders, the community, and pushing innovation forward.
Cryptocurrency market capitalization stands at $2.262 trillion on a daily basis.
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