Restructuring at Yuga Labs after difficult period

Yuga Labs, known for its pioneering role in the NFT collectibles market, has entered a period of major restructuring after a “tough day,” according to CEO Greg Solano. Solano, who recently took over at Yuga, shared his concerns about the state of the company in an internal memo, which he later also made public via the social media platform X.

Creative fire is clouded by complex business processes

According to Solano, the creative fire that initially powered Yuga Labs has been clouded by complex business processes. “We work hard and care about what we do, but we get caught up in a web of groups and committees. We plan more than we actually realize,” Solano explained in his post.

The restructuring already includes some important changes. On April 17, Yuga announced the spin-out of HV-MTL and Legends of the Mara, which are now managed by game developer Faraway. Faraway, already part of Yuga, also acquired Yuga’s head of gaming, Spencer Tucker. Solano’s plans now focus on developing the Otherside metaverse project, which serves as the company’s new focus.

At the same time as the internal changes at Yuga, Won Kim made known that he will become the new head of brand partnerships at Yuga. Kim joins from Bored Room Ventures, an advisory firm and fund specializing in non-fungible tokens (NFTs).

Mixed reactions to recent layoffs

Reactions from the X-crypto community to the recent layoffs have been mixed. Many messages of support were seen under Solano’s post, although there were also critical voices, including a striking post from a former Discord moderator who claimed to have been fired despite receiving an annual salary of $200,000 for just two hours of work per day.

This restructuring comes after a series of previous layoffs in October, due to the fluctuating NFT market in which Yuga Labs operates. The company remains a key player in this innovative sector, despite recent challenges.