Yuga Labs undergoes restructuring, cuts some roles

Yuga Labs has announced a restructuring in a mail sent to the team by the Yuga Labs CEO, Daniel Alegre. The CEO stated that the decision was made recently after thoughtful consideration. The difficult news involves scraping some roles across the organization.

Daniel Alegre mentioned that he realized within 6 months of his position that there were some projects that either spread the team too thin or required execution expertise beyond their core competencies.

While sitting with the leadership team, the CEO pointed out that the contributions in the conversation emphasized fewer key initiatives and more third-party partnerships.

“To create truly amazing experiences that matter to our communities and our business, we need to place our bets on fewer key initiatives and team up with complementary external partners to make these experiences happen.”

Hence, moving forward, Yuga Labs will be focusing on community growth and engagement, internal development, and the Yuga Labs “Otherside strategy.” Yuga Labs’ Otherside strategy involves gaming, entertainment, and initiatives from Eric Reid and the team.

Additionally, Yuga Labs said it will continue building complementary long-term partnerships that would move it towards achieving its mission.

The CEO disclosed Yuga Labs will be launching new gaming experiences which is scheduled for 2024 through third-party partnerships. “2024 will be the year we will showcase the Otherside platform with live experiences that our communities and partners will love, Daniel Alegre said.

The CEO assured the affected employees that the organization would provide generous compensation and support to help them move forward.

Yuga Labs is the company behind popular NFTs such as Bored Apes Yacht Club (BAYC), CryptoPunks, Meebits, and the Otherside.

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