Yuga Labs CEO Declares Workforce Reductions, Emphasizing a Shift in Priorities
Yuga Labs, the renowned company in the crypto industry, is set to undergo a significant restructuring that will unfortunately lead to layoffs among its team members. The restructuring was announced by Greg Solano, the Co-Founder and CEO of the company, in a company memo where he described the current situation as challenging.
In his message to the team, Solano acknowledged that Yuga Labs had lost its direction and emphasized the need to establish a smaller and more adaptable team that is solely focused on crypto-related endeavors. He revealed that the company has already initiated some of the planned changes. One notable development is the collaboration with Farawaygg, a prominent web3 game development firm. Yuga Labs had previously partnered with Farawaygg to create their successful game, Dookey Dash. Now, with the recent acquisitions of web3 games HV-MTL and Legends of the Mara by Farawaygg, Yuga Labs can prioritize the creation of immersive 3D Otherside games.
On February 21, Solano expressed gratitude towards former Yuga CEO Daniel Alegre and announced his own assumption of the role. He expressed his excitement about leading the company into the next chapter of its startup journey.
In October 2023, Yuga Labs made headlines when it announced employee layoffs within its U.S. team as part of a broader restructuring strategy. The company made the strategic decision to direct its efforts towards the development of Otherside, an innovative gaming metaverse.
Additionally, in a related news, artists currently find themselves facing a $9 million penalty in the ongoing copyright lawsuit involving Yuga Labs and Bored Ape.
