Yuga Labs, the parent company whose NFT portfolio includes Bored Ape Yacht Club (BAYC) and CryptoPunks, has joined the growing list of Web3 firms to undergo layoffs as part of its major restructuring plan.
In the Oct. 6 announcement posted to X and the company’s blog, Yuga CEO Daniel Alegre shared insights about the company’s recalibration efforts, including layoffs that primarily affected the company’s U.S.-based teams. However, the specific number of layoffs wasn’t released.
Yuga’s recent restructuring move underscores the broader challenges faced by the crypto realm and the wider global economy. Alegre, who transitioned to Yuga’s helm around half a year ago after a tenure at Activision Blizzard as the president and COO, highlighted the need to center the company’s efforts.
“It’s a challenging time, not only for our industry but also for the global economy. We must stay focused on our core strengths as we continue to create unique, engaging experiences for the broader Yuga audience. The restructure today impacts US team members, and we are actively reviewing the impact on our international teams,” Alegre wrote
During his tenure at Yuga, Alegre quickly discerned that specific projects, though crafted with good intent, either overstretched the team’s bandwidth or veered away from Yuga’s key areas of expertise.
What this means for the Yuga Labs ecosystem
Amidst this reshuffling, Yuga Labs wants to concentrate its energies on its gamified metaverse world, “Otherside.” Alegre emphasized that all digital interactions moving forward would bolster the evolution of Otherside.
At the heart of this evolution are three strategic anchors. First, there’s a resolute emphasis on augmenting community relationships, ensuring brand engagement and growth. Second, the “Otherside Strategy” is pivotal, steering all digital endeavors to enhance gaming, entertainment, and interactive social linkages, with initiatives prominently led by Eric Reid. Lastly, Yuga is harnessing its in-house developmental strengths, particularly in Web3 and Otherside, complemented by nurturing long-term external affiliations.
Focusing on community-centric updates, Yuga Labs is reinforcing its support for BAYC projects, like “Made by Apes,” aiming to preserve the foundational ethos of the brand, with upcoming highlights such as ApeFest Hong Kong and a monumental gaming revelation slated for 2024.
In the realm of CryptoPunks, the company is dedicating resources to uphold and amplify the collection’s crypto-artistic heritage via educational initiatives like its forthcoming book and video series, as well as app enhancements and engaging experiences. Moreover, Meebits and 10KTF are set for integration into Otherside, a strategic move to maximize their metaverse potential.
“Every ongoing digital connection will be part of and reinforce the Otherside evolution. This encompasses gaming, entertainment experiences, interactive social connections, and a range of unique initiatives coming from Eric Reid and team,” he said.
Amid these expansive changes, Alegre says Yuga Labs remains unyielding in its mission, from its approach to IP rights to solidifying its leadership stance in the media and entertainment domain.
“I strongly believe that Yuga will forever change how consumers and brands interact,” he concluded.
Editor’s note: This article was written by an nft now staff member in collaboration with OpenAI’s GPT-4.