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Yuga Labs, the company behind Bored Ape Yacht Club, one of the largest communities in the NFT market, has completed its restructuring in the midst of a challenging period in the NFT market. The company, which had stopped supporting many NFT projects in recent months and decided to shut down certain departments, now has a single focus.
Yuga Labs CEO Daniel Alegre made a statement on October 17th. According to the CEO, the company has completed the restructuring process announced at the beginning of October. The statement highlighted the following:
“Now we are starting the task of improving our focus with our new team configurations.”
Alegre announced that priority will be given to the development of Otherside, a gamified and collaborative metaverse project that Yuga Labs launched and announced to the public in March 2022. Alegre expressed that creating an immersive metaverse world is challenging both technically and design-wise, and made the following comment:
“Otherside is a very important project for Yuga, and it was very easy to turn it into a significant experience for Otherside when our creative team presented the Meetropolis concept to my leadership team.”
Yuga Labs co-founder Greg Solano announced on October 6th that the company had been restructured. In his statement, he mentioned that Yuga needed to make “some changes” for long-term success. After the recent developments, Solana commented:
“With this restructuring, Yuga still has over 120 employees and is focused on specific priorities.”
Transition Package for Departing Employees
No official has disclosed the number of people who had to leave the company due to the restructuring at Yuga Labs. Alegre stated that their most important priority during the restructuring was to show respect and gratitude to those who departed.
It was announced that the transition package at Yuga Labs includes generous severance pay for employees who have left their jobs, assistance under the Consolidated Omnibus Budget Reconciliation Act, and help in finding new job opportunities. The CEO concluded with the following comment:
“We are going through a challenging period not only for our industry but also for the global economy. Today’s restructuring is affecting our team members in the United States, and we are actively reviewing its impact on our international teams.”
