Yuga Labs Facing Trouble, Announces Sweeping Layoffs

April 27, 2024 11:19 pm Comments

Yuga Labs, the developer of the Bored Ape Yacht Club (BAYC) NFT collection, is reportedly facing internal trouble at the company.

In an attempt to get the company back on track, the CEO of Yuga Labs has announced new sweeping layoffs to the crypto firm.

The company will reportedly re-focus its efforts on gaming until further notice. Yuga Labs CEO Greg Solano told employees via email on Friday:

“Good morning, really tough day today. I am hellbent on transforming Yuga and getting us back to our roots, and that means making hard decisions.

by far the hardest is saying goodbye to some talented team members. here was my message to the team this morning.”

Coin Telegraph reported:

Solano said some steps in the reorganization have already been taken, pointing to the spinout of HV-MTL and Legends of the Mara, announced April 17.

Yuga Labs’ premier NFT collection the Bored Ape Yacht Club has also experienced a sharp decline in value from the soaring highs experienced in 2021 and 2022.

Decrypt outlined the meteoric rise of Yuga Labs:

The startup expanded quickly. It raised $450 million in March 2022 at a $4 billion valuation and acquired the influential CryptoPunks NFT project IP from creator Larva Labs.

The ApeCoin (APE) crypto token of the Bored Ape ecosystem, officially said to have been created by an independent foundation, launched and rewarded NFT holders (and Yuga Labs itself) with a massive windfall.

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