27 Apr

Yuga Labs, the business behind the non-fungible token (NFT) collection Bored Ape Yacht Club (BAYC), has announced yet another layoff and company restructure in just over six months. Greg Solano, the company's CEO and co-founder who assumed the role in February, made this announcement.

Co-Founder: Yuga Labs, "Lost," Needs to Find Its Path

Solano said that the web3 company will once more be implementing fresh modifications to its staff structure and operations on Friday, April 26 on the X platform. Solano declared that the NFT company had "lost its way" and that it will now concentrate on regaining direction after describing the day as "tough."

Below was Solano's message to the staff:

"During my two months at the head of the company, I've had to honestly assess where it stands. Complex corporate procedures have been obscuring the creative-first mentality that propelled this business from its founding. We put in a lot of effort and attention, but somehow we get up with committees and groups. Our planning exceeds our shipping."

Given that creator royalties have been flowing into Yuga Labs, the co-founder of the company made hints that business has been easy in recent years. The royalties-related modifications imposed by well-known NFT markets like OpenSea, Blur, LooksRare, etc., seem to be the reason behind the authors of BAYC's difficulties, nevertheless.

Solano also outlined some of the actions being taken in the direction of Yuga Labs' restructuring in his speech. The CEO stated that the company will be able to concentrate its gaming efforts on 3D Otherside thanks to the spinout of HV-MTL and Legends of the Mara. "We'll be announcing more details of the plan soon," Solano said.

The New Head of Brand Partnerships at Yuga Labs

Won Kim announced on X that he is joining Yuga Labs as Head of Brand Partnerships just a few hours before the CEO announced the restructure. It's unclear if this hire is a component of the NFT company's strategic overhaul.

Kim will be responsible for creating powerful and strategic brand relationships for Yuga Labs. She is a co-founder of the web3 consulting firm and NFT fund Bored Room Ventures. Kim announced that he is leaving Bored Room Ventures, and his co-founders will now be leading the company.

In a post, the co-founder wrote:

"Yuga Labs is the best environment to continue developing in Web3, and my experience with it has been nothing short of amazing. This is a chance that goes beyond a career; it's about the community, the holders, the experiences, and advancing innovation."

April 2024, Cryptoniteuae

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