Yuga Labs, creator of the Bored Ape Yacht Club (BAYC) non-fungible token (nft) collection, has announced a company restructuring and layoff for the second time in just over six months. This announcement was made by the company's CEO and co-founder, Greg Solano, who assumed the leadership role in February.
'Lost' Yuga Labs needs to find its way: co-founder
On Friday, April 26, Solano x.com/CryptoGarga/status/1783890653744677245″ target=”_blank” rel=”noopener nofollow”>took platform to reveal that the web3 firm will once again implement new changes to its operations and personnel structure. In what he called a “difficult” day, Solano said the nft company has “lost its way” and will now focus on getting on the right path.
Source: x.com/CryptoGarga/status/1783890653744677245" target="_blank" rel="noopener nofollow">CryptoGarga/x
Solano's message to staff read:
I've had to really take stock of where the company is at while I've been at the helm these last two months. The creative spirit that drove this company from its beginnings has been clouded by labyrinthine corporate processes. We work hard and worry, but somehow we end up with groups and committees. We plan more than we ship.
The Yuga Labs co-founder hinted that the company has had it easy in recent years, especially with creator royalties flowing into the organization. However, it seems that BAYC creators have run into difficulties due to royalty-related changes imposed by prominent nft marketplaces like OpenSea, Blur, LooksRare, etc.
In his message, Solano also highlighted some of the steps being taken towards the restructuring of Yuga Labs. The CEO mentioned the spin-off of HV-MTL and Legends of the Mara, which he said will help the company focus its gaming efforts. in 3D Otherside. “Other aspects of the plan will be announced soon,” Solano added.
Yuga Labs Hires New Director of Brand Partnerships
A few hours before the restructuring announcement by the CEO, Won Kim revealed through a x.com/wonk1m/status/1783847675676209229″ target=”_blank” rel=”noopener nofollow”>series of posts about who will join Yuga Labs as Head of Brand Partnerships. It is unclear if this appointment is part of the strategic reorganization that the nft company is carrying out.
Kim, co-founder of web3 consulting agency and nft fund Bored Room Ventures, will be tasked with forging strong and strategic brand connections for Yuga Labs. Kim noted that she will be leaving her role at Bored Room Ventures and that her co-founders will take the reins. the organization.
<blockquote class="twitter-tweet” data-width=”500″ data-dnt=”true”>
Great update!
I am beyond excited to share that I have joined twitter.com/yugalabs?ref_src=twsrc%5Etfw” rel=”nofollow noopener” target=”_blank”>@yugalabs as Head of Brand Partnerships. It's an incredible role with an incredible team to continue building culture in blockchain.
— won kim (@wonk1m) twitter.com/wonk1m/status/1783847675676209229?ref_src=twsrc%5Etfw” rel=”nofollow noopener” target=”_blank”>April 26, 2024
The co-founder wrote in a post:
My journey to Web3 has been full of sensations and I am lucky to continue building in Web3, and there is no better place to do it than Yuga Labs. This opportunity goes beyond just a job; it's about the experiences, the headlines, the community and driving innovation.
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