The crypto winter storm continues to cause chaos, and Yuga Labs is the latest victim.
Yuga Labs, a leader in the business, collapsed due to the harshness of this winter’s cryptocurrency market. Despite having successful campaign runs this year, the brains behind the flagship NFT project Bored Ape Yacht Club (BAYC) have revealed that they are planning for a layoff round, citing the hard realities of the industry and its challenges with efficiency.
On Friday, October 7th, Yuga Labs CEO Daniel Alegre broke the news of a company-wide restructuring to the staff. Alegre underlined that the choice was deliberate, as the company saw a need to simplify its operation due to the fact that many of its current projects call for execution and experience outside of its area of specialty.
Dookey Dash, Twelvefold, and more are just a few of the projects and events that Yuga Labs has been able to celebrate this year, but the company’s path has not been without hurdles, especially in their game implementation. Alegre came right out and said that they needed to reorganize since their existing setup wasn’t conducive to doing their own development in-house.
Yuga Labs CEO Daniel Alegre spoke up about the difficulties facing the cryptocurrency sector, saying: “Our sector and the global economy are both facing difficulties right now. We need to keep doing what we do best in order to keep expanding the number of people who like Yuga. Today’s reorganization affects employees in the United States, and we are now investigating how this may affect our overseas colleagues.”
Alegre said that the layoffs were necessary because going forward, Yuga Labs would cancel initiatives that diverge from its fundamental goals. The developer of BAYC has shifted its attention to its future metaverse game, Otherside, which it hopes to complete with the help of external partners by 2024.
In addition to announcing the incorporation of the Meebits and 10KTF teams into the Otherside project, Yuga Labs reaffirmed its dedication to fostering the development of projects like Made by Apes, which seek to equip club members all over the globe.
Yuga Labs has promised its team members a generous severance payment, along with several additional advantages, however, the precise number of impacted workers remains unclear.
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