• Yuga Labs is restructuring the company, which required cutting some team members
• The firm’s CEO Greg Solano said Yuga Labs “lost its way” and is focusing on building a smaller, more agile, and crypto-native team
• As part of the restructuring, Yuga will let Farawaygg handle web3 game development efforts while Yuga focuses on its 3D Otherside game
Yuga Labs, the creator of popular NFT collections like Bored Ape Yacht Club and Otherside, is going through a major restructuring, which involved laying off some employees. The company’s CEO, Greg Solano, said this will allow Yuga Labs to get back to its roots as a crypto-native company.
Yuga Labs Lost Its Way, According to CEO
In a memo, Solano said Yuga Labs had “lost its way” and moved away from the creative spirit that originally drove the company. He said corporate processes and too much planning had bogged down the startup atmosphere.
“The creative-first spirit that dove this company from inception has been getting muddied by labyrinthine corporate processes,” Solano wrote. “We work hard and we care but somehow end up with groups and committees. We plan more than we ship.”
Focusing on Core Products Like Otherside Game
Solano said some of Yuga’s new plans are already being implemented. For example, it will focus its gaming efforts on developing its 3D Otherside metaverse game.
The company also recently acquired two gaming studios, HV-MTL and Legends of the Mara. According to Solano, integrating these will allow Yuga to focus more on its core products.
New Head of Brand Partnerships
The restructuring comes on the same day Yuga Labs announced the hiring of Won Kim as its head of brand partnerships. Kim is a media veteran who previously worked at ESPN, Digg, and other major media brands.
His experience could help Yuga form partnerships between its NFT brands and major companies. Solano said more restructuring plans will be announced soon.
Conclusion
The layoffs represent a new chapter for Yuga Labs as it tries to recapture its startup roots and focus on core products like Otherside. With the hiring of Kim, the company is also looking to leverage its popular NFT brands through partnerships with mainstream firms.
