Greg Solano, co-founder of Yuga Labs, the company behind the popular Bored Ape Yacht Club NFTs, has announced layoffs as part of a plan to restructure and refocus the team.
Restructuring for a Cryptonative Team
Solano stated that Yuga Labs had “lost its way” and needed to become a “smaller, more agile and cryptonative team” to regain its footing. This means eliminating certain roles within the company.
Focusing on Metaverse and Other Projects
The layoffs come after Yuga Labs sold the intellectual property rights for its NFT-powered games to Faraway. This move, according to Solano, will allow the company to concentrate on its metaverse project, Otherside.
Plan Still Under Development
Solano emphasized that the restructuring plan is still in progress and more details will be released soon. He stressed that the company remains committed to its mission of creating innovative crypto-native experiences.
