Yuga Labs reorganization, layoffs
Yuga Labs CEO Greg Solano tweeted a message he previously sent to employees, with the following key points:
Yuga Labs is continuing to change its direction, which will expose the company to restructuring and layoffs.
Small projects were split, and the focus of game development returned to the Otherside metaverse project.
Bored Room Ventures founder Won Kim joins as head of brand partnerships for Yuga Labs.
Yuga Labs' past successful projects were all conceived and launched within three months, but now they have evolved into time-consuming planning. This will be significantly improved.
The small projects refer to HV-MTL and Legends of the Mara, both of which were sold to game studio Faraway in the middle of this month.
Greg Solano returned as CEO in February this year.
(Faraway acquires Yuga Labs mini-games: HV-MTL and Legends of the Mara)
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,
Web3 culture reduced to bureaucracy?
Greg Solano pointed out that Yuga Labs’ original “idea first” spirit is being obscured by the maze of corporate processes. Although they work hard and have enthusiasm, they have somehow reduced themselves to a structure dominated by groups and committees, spending a lot of time planning. , but not enough output.
In addition, he also admitted that Yuga Labs was in the right place in the past. Booming creator royalties once made it easy for them, but now they are in hard mode.
He said:
Yuga has lost its way and we can't pretend it's business as usual but I have a plan to get us back on top and get us back on track again from scratch which means we need to become a leaner, more agile and more block savvy organization Chain teams do fewer things but do them better.
Greg Solano also emphasized to employees that if they don’t want to participate in the next phase, it’s okay. Anyone can receive severance and have an amicable breakup.
Yuga Labs has held an all-staff meeting on the 26th to discuss future plans in more detail. In fact, Yuga Labs had already conducted a round of layoffs in October last year.
The good news is that the BAYC floor price has recovered significantly. OpenSea shows that the floor price has increased from about 10 ETH in mid-April to 17 ETH.
BAYC floor price
This article Unable to find direction, the CEO of Yuga Labs once again announced restructuring and layoffs. It first appeared on Chain News ABMedia.