Yuga Labs announces restructuring to boost development of 'Otherside' metaverse

Yuga Labs, the team behind the Bored Ape Yacht Club (BAYC) nft collection, has initiated a company restructuring to prioritize its core crypto business, which includes the Otherside metaverse project, Greg Solano, the company's co-founder, said in a recent publication. in x.

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GM, today is a really difficult day. I am committed to transforming yuga and returning us to our roots, and that means making difficult decisions. Without a doubt, the hardest thing is saying goodbye to some talented team members. Here was my message to the team this morning. pic.twitter.com/gBkoNf2iK3

– Garga.eth (Greg Solano) (@CryptoGarga) twitter.com/CryptoGarga/status/1783890653744677245?ref_src=twsrc%5Etfw” target=”_blank” rel=”nofollow noopener noreferrer”>April 26, 2024

As part of the restructuring process, Yuga Labs has reduced its workforce, although the company has not specified the number of employees affected. Solano said Yuga Labs “lost its way” and needs to become a “smaller, more agile and crypto-native team.”

“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 send,” said Solano.

He referred to Yuga Lab's early success as “playing on easy mode” when creator royalties on nfts were booming. But easy mode was over. Solano said Yuga Labs is now “in hard mode”: it's “going from zero to one” with incredible support from the community.

Solano also mentioned that Yuga Labs is developing other projects, including HV-MTL and Legends of the Mara (LoTM), to focus its Otherside 3D gaming efforts. The company Announced Earlier this month, game creator Faraway acquired the HV-MTL and LoTM brands.

This is not the first time Yuga Labs has restructured. Last October, the company announced a reorganization and layoffs focused on its American employees. At the time, Yuga Labs had about 100 employees worldwide.

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Yuga Labs announces a restructuring that will better focus our team on our top priorities. While certain roles have been affected, these changes are necessary to evolve as an organization.
For more information, see a note written by twitter.com/dalegre?ref_src=twsrc%5Etfw” target=”_blank” rel=”nofollow noopener noreferrer”>@dalegre in our https://t.co/722YfqwaCB official blog.

– Yuga Laboratories (@yugalabs) twitter.com/yugalabs/status/1710301985608540598?ref_src=twsrc%5Etfw” target=”_blank” rel=”nofollow noopener noreferrer”>October 6, 2023

Yuga Labs' efforts to regain its balance

Yuga Labs is best known for creating the Bored Ape Yacht Club (BAYC) nft collection, which has become one of the most valuable and prominent nft projects.

Following the success of BAYC, the company launched a number of additional nft collections, such as Mutant Ape Yacht Club (MAYC) and Bored Ape Kennel Club (BAKC). In March 2022, Yuga Labs raised $450 million in funding led by Andreessen Horowitz (a16z) to develop “Otherside,” a gamified metaverse that will integrate its various nft collections.

However, BAYC's shine began to fade following the cryptocurrency crash in 2022-2023. Prices fell and some famous backers sold their nfts.

According data Since the nft price floor, the floor price of one of these top-of-the-line nfts fell below 11 Ether earlier this month, reflecting a more than 90% drop from the collection's peak almost two years ago .