The current bear market is a challenging time for companies in the crypto and NFT market, as evidenced by Yuga Labs’ recent announcement of layoffs.
Yuga Labs lays off employees
Yuga Labs is a prominent player in the NFT industry, known for creating several iconic collections and partnering with major companies like Gucci.
However, the company has not been immune to the market’s effects, with stagnant volumes in its metaverse, Otherside, and a significant decrease in the value of its Bored Ape Yacht Club (BAYC) collection.
In December 2022, Yuga Labs’ CEO, Daniel Alegre, knew that tough decisions were necessary to ensure the company’s longevity.
Only a few months later, Alegre, the former president of Activision Blizzard, announced a restructuring and workforce reduction.
Daniel Alegre explains that after careful consideration, he made the decision to restructure Yuga Labs’ teams, focusing on clear vision and creative storytelling in building a community.
He realized that some projects, although well-intentioned, were diverting the team’s attention or required expertise beyond the company’s core competencies.
As a result of these changes, a number of roles have been eliminated and employees have been laid off.
Yuga Labs will now prioritize community development and expanding the Otherside metaverse.
This wave of layoffs at Yuga Labs is not an isolated case, as Ledger and Chainalysis have also announced similar decisions this week. It serves as further evidence of the austerity currently prevailing in the ecosystem.
