Yuga Labs, the company behind the Bored Ape Yacht Club (BAYC) non-fungible token (NFT), is making changes to its workforce, according to co-founder Greg Solano. In a message to employees on the social media platform X, Solano explained that the company will be undergoing a restructuring and some roles will be affected.
Solano revealed that the decision to downsize was driven by the need to refocus and streamline the company. He stated, “Yuga lost its way. Getting ourselves centered and on the right path means being a smaller, more agile, and cryptonative team. A team that does fewer things but does them brilliantly.”
The announcement comes after Yuga Labs sold the intellectual property rights of its NFT-powered games HV-MTL and Legends of the Mara to gaming firm Faraway. Solano believes this deal will help Yuga Labs regain its position in the market. He also mentioned that the company can now dedicate more resources to its metaverse project, Otherside.
“Part of that plan has started to roll out, such as the spinout of HV-MTL and Legends of the Mara, which enables us to focus our gaming efforts on 3D Otherside. Other aspects of the plan will be announced soon. And to be clear, some things are still taking shape,” Solano added.
Yuga Labs is taking strategic steps to realign its operations and ensure future success. The company’s focus on becoming a more efficient and specialized team reflects its commitment to delivering high-quality projects. More details about the company’s plans will be revealed in the near future.
Source: The Daily Hodl
