Yuga Labs CEO Announces Reorganization and Layoffs

Greg Solano, CEO of Yuga Labs, shared a candid message with the company’s employees and the public on X, acknowledging a “tough day” and unveiling plans for reorganization. Some employees experienced an even tougher day with the announcement of layoffs during an all-hands meeting. Solano admitted that Yuga Labs had lost its way.

In his message, Solano reflected on his two months as CEO, expressing concern about the company’s direction:

“The creative-first spirit that drove this company from inception has been getting muddied by labyrinthine corporate processes. We work hard and we care but somehow end up with groups and committees. We plan more than we ship.”

Yuga Labs to Undergo Changes

Solano highlighted the previous success of creator royalties in the Yuga ecosystem, but acknowledged the current challenges: “Now we’re in hard mode.” However, he outlined a plan for the company’s reorganization.

Already, steps have been taken, such as the spinout of HV-MTL and Legends of the Mara, announced on April 17. These properties were acquired by game developer Faraway, and Yuga’s Chief Gaming Officer, Spencer Tucker, joined the acquiring company. Solano emphasized that Yuga Labs would now focus on developing its Otherside metaverse project.

Won Kim Welcomed as the New Brand Ambassador

Prior to Solano’s announcement, Won Kim revealed on X that he had been appointed as the head of brand partnerships at Yuga Labs. Kim, the co-founder of Bored Room Ventures, a non-fungible token (NFT) fund and consulting agency, left his previous position to join Yuga.

While the X crypto community reacted with a mix of responses to the news of layoffs, Solano’s post received overwhelming support. However, some negative voices emerged, including one individual who claimed to have been laid off from Yuga and criticized the company’s practices.

New CEO, New Steps

As reported earlier by TheCoinRise, Solano was welcomed as the new chief executive officer of the NFT firm as it aims to double down on its metaverse ambitions. The firm also plans to strengthen its internal development efforts and expand its presence on a global scale. On the other hand, earlier this year, Wylie Aronow, co-founder of Bored Ape Yacht Club (BAYC) collection developer Yuga Labs, took a leave of absence due to his health condition.

Yuga Labs, known for pioneering NFT collectibles, has faced challenges amid the evolving NFT market. Last October, the company underwent restructuring, which included a round of layoffs.