As an experienced analyst, I have closely followed the developments at Yuga Labs and the Bored Ape Yacht Club (BAYC) non-fungible token (NFT) collection. With Solano’s recent announcement of another company restructuring and layoffs at Yuga Labs, it is clear that the organization has been experiencing challenges.
As a crypto investor, I’ve been closely following the developments at Yuga Labs, the innovative team behind the popular Bored Ape Yacht Club (BAYC) NFT collection. Recently, I received disappointing news that the company is undergoing another restructuring and layoffs, marking their second round of job cuts in less than a year. This announcement came directly from Greg Solano, the CEO and co-founder who took the helm in February.
‘Lost’ Yuga Labs Needs To Find Its Way: Co-Founder
On Friday, April 26, Solano announced on the X platform that web3 firm would undergo further adjustments in their business procedures and organizational setup. In his words, “it’s a challenging day,” as the NFT company has strayed from its intended course and will now work to get back on track.
Solano’s message to the staff read:
Over the past two months, I’ve had to carefully assess the current state of our company while leading the team. The initial innovative mindset that fueled our business from its beginnings has become clouded by intricate corporate procedures. Despite our dedication and effort, we seem to have devolved into an endless cycle of groups and committees. Our focus has shifted more towards planning than actual production.
The co-founder of Yuga Labs implied that the company has experienced smooth sailing in recent years, significantly due to lucrative creator royalties. Contrastingly, it seems that the creators behind BAYC have faced challenges as a result of alterations in royalty policies implemented by major NFT marketplaces like OpenSea, Blur, and LooksRare.
In his communication, Solano underlined certain actions being taken to restructure Yuga Labs. He specifically pointed out the separation of HV-MTL and Legends of the Mara, which he believes will enable the company to concentrate more effectively on developing 3D projects for Otherside in the gaming sector. Further details about other aspects of the plan are set to be revealed soon.
Yuga Labs Hires New Head Of Brand Partnerships
Prior to the CEO’s announcement about restructuring, Won Kim disclosed on X platform that he would be taking up the role of Head of Brand Partnerships at Yuga Labs. The exact relation between this new position and Yuga Labs’ ongoing strategic reorganization remains undetermined.
Kim, one of the founding partners at web3 consulting firm and NFT investment fund, Bored Room Ventures, has been appointed to establish robust and tactical brand partnerships for Yuga Labs. He announced his intention to relinquish his position at Bored Room Ventures, allowing his co-founders to assume leadership there.
Big update!
I’m delighted to announce that I have taken on the role of Head of Brand Partnerships at Yuga Labs. I’m excited to be working with such a talented team and look forward to contributing to the ongoing development of their blockchain culture.
— won kim (@wonk1m) April 26, 2024
The co-founder wrote in a post:
My experience of delving into the world of Web3 has been an emotional rollercoaster, and I feel fortunate to keep contributing within this realm. Yuga Labs offers me more than just a position; it encompasses the adventures, the engagement with dedicated holders, and the camaraderie of the community, all while driving innovation further ahead.
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2024-04-27 12:26