{"id":363120,"date":"2023-10-07T00:00:56","date_gmt":"2023-10-06T23:00:56","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=363120"},"modified":"2023-10-07T00:04:33","modified_gmt":"2023-10-06T23:04:33","slug":"yuga-labs-cuts-staff-amidst-restructuring","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/yuga-labs-cuts-staff-amidst-restructuring\/","title":{"rendered":"Yuga Labs cuts staff as part of larger restructuring"},"content":{"rendered":"

Yuga Labs<\/a>, the company behind Bored Ape Yacht Club, has laid off a portion of its staff according to a blog post published by the firm on Oct. 6<\/a>.<\/p>\n

The company's CEO, Daniel Alegre, wrote:<\/p>\n

“After … thoughtful consideration, I have decided that we need to restructure the Yuga Labs teams. The implication of these changes is that a number of roles have been eliminated across the company, impacting some of your colleagues.”<\/p><\/blockquote>\n

Alegre attributed the need for a shift in strategy to underwhelming launches in specific areas, particularly within the company's gaming initiatives<\/p>\n

Alegre revealed that, as part of the restructuring, Yuga Labs will delegate certain activities to external, third-party companies. Yuga Labs' internal development teams, meanwhile, will focus on web3 efforts and Otherside \u2014 the company's metaverse platform.<\/p>\n

Allegre said elsewhere in his letter that the company will go in “all-in on [its] Otherside strategy.” He noted that Otherside will launch new gaming experiences in 2024 and will form long-term partnerships to complement Yuga Labs' own efforts.<\/p>\n

BAYC, CryptoPunks efforts will remain active<\/h2>\n

Alegre also commented on the status of certain high-profile products. He said that Bored Ape Yacht Club<\/a> will expand a program called “Made by Apes”, which acts as a licensing model and community showcase for fan creations. Moreover, Alegre hinted at the launch of a gaming experience tied to the Bored Ape product line, slated for 2024.<\/p>\n

Next, Allegre noted Yuga Labs will continue to manage CryptoPunks<\/a> \u2014 an NFT series that Yuga Labs acquired in May 2022<\/a> \u2014 by “improving and streamlining” the Punks app. He indicated that a book about the NFT collection is still in progress.<\/p>\n

While those two efforts will remain active, Alegre suggested that Yuga Labs will fold its Meebits and 10KTF teams into its Otherside team.<\/p>\n

Yuga Labs did not describe any specific market or revenue trends leading to its staff reductions. However, activity in the NFT market has generally declined<\/a> despite generating a record-breaking $55 billion<\/a> in revenue in 2022. Despite Yuga Labs' role in some of the largest NFT collections, it is unlikely that it has escaped this trend entirely.<\/p>\n","protected":false},"excerpt":{"rendered":"

Yuga Labs, the company behind Bored Ape Yacht Club, has laid off a portion of its staff according to a blog post published by the firm on Oct. 6. The company’s CEO, Daniel Alegre, wrote: “After … thoughtful consideration, I have decided that we need to restructure the Yuga Labs teams. The implication of these […]<\/p>\n","protected":false},"author":1403,"featured_media":226418,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[77873,77055,76232],"tags":[],"post_folder":[],"acf":[],"yoast_head":"\nYuga Labs cuts staff as part of larger restructuring<\/title>\n<meta name=\"description\" content=\"Yuga Labs, the company behind Bored Ape Yacht Club, has laid off a portion of its staff according to a blog post published on Oct. 6.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptoslate.com\/yuga-labs-cuts-staff-amidst-restructuring\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Yuga Labs cuts staff as part of larger restructuring\" \/>\n<meta property=\"og:description\" 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