Yuga Labs, a leading NFT developer, has announced plans to streamline its workforce and refocus on core projects.
The decision to restructure was outlined in an email from CEO Daniel Alegre on October 6, who explained the need to adapt to the current market conditions.
Alegre acknowledged that the company had taken on numerous projects, some of which extended beyond their expertise and stretched their resources thin.
He noted, “I realized very quickly that there were a number of projects that, while well-intentioned, either spread the team too thin or required execution expertise beyond our core competencies.”
While the exact number of employees affected by the restructuring was not disclosed, Alegre emphasized that the company is committed to supporting those impacted.
Yuga Labs plans to provide severance packages and recommendations to affected team members. The company is also reviewing the potential impact on its international teams.
Despite the adjustments, Yuga Labs remains dedicated to its strategic objectives, including strengthening partnerships and advancing key projects such as Bored Apes.
These initiatives will focus on community development, particularly the Otherside project and various Web3 initiatives driven by Yuga Labs.
Alegre outlined plans to preserve the crypto art legacy by offering educational resources and integrating Meebits and 10KTF into their upcoming 2024 gaming venture, Otherside.
Yuga Labs co-founder Greg Solano affirmed that these changes are intended to ensure the company’s long-term success.
With a workforce of over 120 employees, Yuga Labs is now directing its efforts toward specific priorities to navigate the evolving landscape of the NFT market.