Yuga Labs co-founder Greg Solano says the company behind the Bored Ape Yacht Club (BAYC) non-fungible token (NFT) is trimming down its workforce.
In a message to employees shared on the social media platform X, Solano says Yuga Labs will have to lay off some of its employees amid plans to make changes in the company.
“Over the past two months, I’ve been determined to change both what we do and how we do it, and that means making some very hard, strategic decisions. Unfortunately, this includes a restructuring and some roles within the company are affected.”
Solano also explains what prompted the decision to restructure the company and operate with fewer people.
“To put it simply: Yuga lost its way. Getting ourselves centered and on the right path means being a smaller, more agile and cryptonative team. A team that does fewer things but does them brilliantly.”
The announcement comes after Yuga Labs sold the intellectual property rights of its NFT-powered games HV-MTL and Legends of the Mara to gaming firm Faraway.
Solano says the deal is part of the plan to help Yuga Labs get back on top. He says the company can now also put more work on its metaverse project, Otherside.
“Part of that plan has started to roll out, such as the spinout of HV-MTL and Legends of the Mara, which enables us to focus our gaming efforts on 3D Otherside. Other aspects of the plan will be announced soon. And to be clear, some things are still taking shape.”
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Featured Image: Shutterstock/Jorm S