Yuga Labs CEO announces restructuring and layoffs again due to lack of direction
Table of Contents
Table of Contents
Restructuring and Layoffs at Yuga Labs
Yuga Labs CEO Greg Solano tweeted the message he sent to employees, highlighting the following:
Continued changes in Yuga Labs' direction will lead to restructuring and layoffs.
Dividing small projects, shifting the focus of game development back to the Otherside metaverse project.
Won Kim, founder of Bored Room Ventures, joins as the Head of Brand Partnerships at Yuga Labs.
Previous successful Yuga Labs projects, which used to be conceived and launched within three months, now require significant planning time. This will undergo major improvements.
The small projects referred to are HV-MTL and Legends of the Mara, both of which were sold to game studio Faraway in mid-month.
Greg Solano returned as CEO in February this year.
Faraway Acquires Yuga Labs' Small Games: HV-MTL and Legends of the Mara
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
โ Garga.eth (Greg Solano) ๐ (@CryptoGarga) April 26, 2024
Has Web3 Culture Descended into Bureaucracy?
Greg Solano pointed out that Yuga Labs' initial "creativity-first" spirit is being overshadowed by labyrinthine corporate processes. Despite their hard work and passion, they have somehow devolved into a structure dominated by small groups and committees, consuming significant time in planning without adequate output.
Additionally, he acknowledged that Yuga Labs once thrived on the booming creator royalties, making their lives easy, but now they are in a tough spot.
He stated:
Yuga has lost its way. We can't pretend everything is normal, but I have a plan to get us back to the top, to start from zero again and get back on track. This means we need to be a leaner, more agile, and more blockchain-savvy team that does less but does it better.
Greg Solano also emphasized to employees that it's okay if they don't want to be part of the next phase, and anyone can receive severance pay and part ways amicably.
Yuga Labs held an all-hands meeting on the 26th to discuss future plans in more detail. In fact, Yuga Labs underwent a round of layoffs back in October last year.
The good news is that the BAYC floor price has significantly rebounded, with OpenSea showing the floor price rising from around 10 ETH in mid-April to 17 ETH.
