Yuga Labs declares more layoffs as it embarks on restructuring program

Bored Ape Yacht Club (BAYC) developer Yuga Labs has kick-started a restructuring plan, which has led to more staff leaving the non-fungible tokens (NFTs) firm.

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

— Garga.eth (Greg Solano) 🍌 (@CryptoGarga) April 26, 2024

Yuga Labs CEO Greg Solano confirmed the job cuts are part of transforming the company back to its roots.

The latest layoff round represents the various hard decisions Yuga Labs will take for the restructuring program.

Greg Solano explained the vital reasons behind the latest restructuring move.

He stated that Yuga Labs lost its business direction, and a cohesive crypto-native team “that does fewer things but does them brilliantly” would be crucial in getting the firm on the right path.

Solano added that the firm had begun executing the restructuring program, prioritizing enhancing the gaming platform 3D Otherside.

“Part of that plan has started to roll out, such as the spinout of HV-MTL and Legends on the Mara, which enables us to focus our gaming efforts on 3D Otherside.”

Meanwhile, the latest layoff announcement attracted skepticism among crypto market participants.

So Yuga Labs raises $450M and sells out to the World Economic Forum then lays off their team while all the suckers who bought their NFTs bleed to zero. Did we get that right?

— Autism Capital 🧩 (@AutismCapital) April 26, 2024

The non-fungible token marketplace has struggled with failed recoveries, netting significant losses to holders.

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