Yuga Labs Restructures and Cuts Staff Again
Yuga Labs, the web3 firm behind the Bored Ape Yacht Club non-fungible token collection, has announced a corporate restructuring and staff reduction for the second time in just over six months. According to Bitcoinist, CEO and co-founder Greg Solano revealed the operational changes on the social media platform X, stating that the organization had lost its original creative focus.
Solano stated that corporate processes had become overly complex, leading to excessive planning rather than product delivery. He noted that the firm previously benefited from steady creator royalties, but changing industry standards and marketplace policies have created financial headwinds for the studio.
As part of the reorganization, Yuga Labs has spun out HV-MTL and Legends of the Mara to concentrate gaming development efforts on the 3D virtual world Otherside. Additional details regarding the restructuring plan are expected to be released soon.
Concurrently, the company appointed Won Kim as its new Head of Brand Partnerships. Kim, a co-founder of the web3 consulting agency Bored Room Ventures, will lead strategic brand connections for the NFT firm. Kim stated on X that he is stepping down from his previous role to focus on building blockchain culture with the Yuga Labs team.
Based on reporting by bitcoinist.com.
