Yuga Labs, the creator of the popular NFT project Bored Ape Yacht Club, has announced its restructuring plans, which will involve eliminating some roles, causing layoffs. Yesterday, the Company CEO, Daniel Alegre, shared his statement on X regarding the latest development. He said that immediately after joining Yuga Labs earlier this year, he realized there were several projects that required to be executed by external experts. He then revealed the firm would partner with other companies to help execute those projects while Yuga Labs focuses on its core competencies.
In his statement, Alegre didn’t mention the number of employees that would be laid off. He, however, said only US-based employees will be affected. According to an X post by Yuga Labs co-founder Greg Solano, the startup has 120 workers, with over 100 being from countries other than the United States.
Yuga Labs’ Co-Founder Comments on the Latest Layoffs
Solano says he is hurt to let go of employees he has worked with since Yuga Labs’ earlier days but insists the move is necessary to ensure the company’s future is secured.
The co-founder agrees with Alegre that some Yuga Labs’ projects need to be executed by external experts to succeed. He mentions the firm’s metaverse game Otherside, saying Yuga Labs does not have the capacity to build this game the way it envisions it. The NFT creator has already partnered with tech firm Hadean to develop Otherside further.
Yuga Labs’ History
Founded in 2021, Yuga Labs rose to fame following the launch of its Ethereum-based NFT collection, Bored Ape Yacht Club. This NFT project is undoubtedly the biggest and the most popular, having attracted the attention of several celebrities, including musician Post Malone and NBA superstar Steph Curry. At some point in 2021, Bored Apes were selling for more than $1 million.
In April 2022, Yuga Labs raised over $400 million, pushing its valuation to $4 billion. The funding came a few days after the firm bought Larva Labs’ CryptoPunks NFT collection IP.
The following month, Yuga Labs launched ApeCoin, a digital currency that powers the Bored Ape Yacht Club NFT collection. The company then started selling NFTs for Otherside, raising $550 million within 24 hours. However, the demand for NFTs has weakened since then, prompting Yuga Labs to consider laying off its employees to keep its business afloat.
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