Yuga Labs’ Proposed Restructuring Plans Results to Headcount Reduction
In its April 26 report, the developer of Bored Ape Yacht Club Yuga Labs unveiled its restructuring plans. The proposed reorganization plan obliged the Yuga Labs team to cut off some employees.
News concerning the Yuga Labs restructuring was uncovered by the company co-founder Greg Solano. In his statement, Mr Solano confirmed that the changes in the crypto sector and the restructuring plans were among the tough decisions.
Yuga Labs Unveils Its Restructuring Plan
The CEO was pleased to take Yuga Labs back to its roots, which will involve making hard decisions. One of Solano’s regrets was the departure of Yuga Labs’ core team in the ongoing restructuring plans.
The executive lamented that the Yuga team lost its way and that it’s high time the tech company considered building a smaller and more agile crypto community.
Having ascended to the chief executive position of Yuga Labs two months ago, Solano underlined the need for the company to be more innovative. Citing the changes in the corporate structure, the CEO lamented that Yuga Labs’ creative spirit had never exists.
The trouble official lamented that despite efforts to attract prosperity, the Yuga Labs team still ended up in groups and committees. This demonstrated that the Yuga Labs team has planned to implement certain strategies but has delayed the implementation process.
Yuga Labs Announce Headcount Reduction
The unimplemented projects continue to hurt the profitability of the company. To attain the intended goal, Solano confirmed that the Yuga Labs team has started to align their daily practices with the long-term objective.
The official stated that the Web3-inspired game Farawaygg will allow Yuga Labs to continue developing its 3D Otherside game. The CEO pledged to update the Yuga Labs community with the proposed restructuring plan.
In the meantime, the Yuga team will return to its roots and build a small but highly effective team. Despite attaining a considerable market share, the Yuga team focuses on executing core businesses and projects that align with the end goal.
In the past few months, Yuga Labs focused more on expanding its operations to maximize returns. In March 2022, Yuga Labs generated $450 million in a seed funding round, increasing the firm value to $4 billion.The multi-million investment will be used to develop Otherside games and additional NFT features.
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The restructuring plans came shortly after the Miami-based Yuga Labs hired Won Kim as the head of the brand partnership. Having gained recognition as a qualified marketer, Kim will support Yuga Labs in establishing new partnerships.
In March, the Yuga team partnered with Gucci to create a digital collectible in the metaverse ecosystem. On X, the crypto community reacted to the proposed Yuga Labs restructuring plan.
One X user claimed the dismissal affected employees who responded to negative comments from customers.The affected customers complained about the Yuga Labs layoffs.
In October, the Yuga Labs team dismissed some of its employees after restructuring. The previous restructuring was critical for the firm to navigate the changes in the crypto ecosystem. Upon contacting the Yuga Labs team to enquire more about the proposed restructuring, the officials did not comment.
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