Yuga Labs CEO Greg Solano addressed company employees and the public on X, revealing a challenging day and acknowledging layoffs during an all-hands meeting. Solano expressed that Yuga had deviated from its original creative-driven ethos, attributing this shift to convoluted corporate processes and excessive planning without corresponding output.
Solano highlighted the decline in creator royalties and the shift to a more challenging operational environment. However, he reassured stakeholders by outlining his plan for reorganization. Already, steps have been taken, including the spinout of HV-MTL and Legends of the Mara, which were acquired by game developer Faraway. Yuga’s focus will now center on developing its Otherside metaverse project.
Before Solano’s announcement, Won Kim was appointed as Yuga’s head of brand partnerships, bringing his expertise from Bored Room Ventures NFT fund and consulting agency. While the X crypto community showed a mixed reaction to the layoffs, Solano’s post received overwhelming support. However, trolls also emerged, exemplified by Ricefarmer’s sarcastic remark about being laid off and their role as a Discord mod.
Yuga Labs, known for pioneering NFT collectibles, has faced challenges amid the evolution of the market. Last October, the company underwent restructuring, which included a previous round of layoffs. Despite inquiries, Yuga Labs declined to provide further details when contacted by Cointelegraph.
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