October 19, 2023

Yuga Labs Completes Restructuring, Focuses on Metaverse

Yuga Labs

Yuga Labs

Yuga Labs, the company behind the popular non-fungible token (NFT) project, Bored Ape Yacht Club (BAYC), has recently undergone restructuring in response to the challenges faced by the industry.

Yuga Labs CEO Daniel Alegre announced on X (formerly Twitter) that the company has successfully completed its restructuring, which was initially announced at the beginning of October.

Alegre stated that the company will now focus on refining its goals with the new team configurations in place, with a priority on executing Otherside, a gamified and interoperable metaverse project that Yuga began in March 2022. Alegre emphasized that building an immersive metaverse platform is a technically and creatively challenging task.

“Otherside is a very important bet for Yuga, and when our creative team brought the concept for Metropolis up to my leadership team, making it a tentpole experience for Otherside felt like a slam dunk,” he added.

Yuga Labs co-founder Greg Solano announced that the company was undergoing a restructuring. The purpose of this was to make changes that would help the company achieve long-term success.

Solano revealed that Yuga still has over 120 employees and is now focused on specific priorities. However, he did not specify the number of employees who had to leave Yuga as part of the restructuring. Alegre, another Yuga Labs co-founder, stated that his top priority during the restructuring was ensuring that the employees leaving the company were treated with respect and gratitude.

He also mentioned that Yuga offered a generous severance package, the Consolidated Omnibus Budget Reconciliation Act coverage, and assistance in finding new job opportunities for those who are leaving the company.

He pointed out that it’s a challenging time for the industry and the global economy, adding that restructuring affects US team members, and its impact on the company’s international teams is under review.

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