Yuga Labs, the VC-backed NFT startup behind the Bored Ape Yacht Membership and CryptoPunks, is the newest crypto agency to conduct layoffs.
In keeping with a message posted to Yuga’s web site, CEO Daniel Alegredetailed the restructuring of groups in an e mail to employees on Friday.
It’s unclear what number of staff have been impacted. Per the message, the layoffs impacted the corporate’s US groups. Yuga Labs didn’t instantly reply to a request for touch upon the layoffs.
“It’s a difficult time, not just for our business but in addition for the worldwide financial system. We should keep centered on our core strengths as we proceed to create distinctive, partaking experiences for the broader Yuga viewers. The restructure at present impacts US staff members, and we’re actively reviewing the influence on our worldwide groups,” Alegre wrote.
Alegre joined Yuga as CEO roughly six months in the past. Beforehand, he served as president and chief operations officer at Activision Blizzard.
“I spotted in a short time that there have been plenty of tasks that, whereas well-intentioned, both unfold the staff too skinny or required execution experience past our core competencies,” Alegre wrote.
As a part of the modifications, the corporate will concentrate on Otherside, Yuga’s gamified metaverse.
“Each ongoing digital connection will likely be a part of and reinforce the Otherside evolution. This encompasses gaming, leisure experiences, interactive social connections, and a variety of distinctive initiatives coming from Eric Reid and staff,” he mentioned.
Otherside may even start to difficulty “common growth updates” starting within the “coming weeks.”
Moreover, Yuga plans to “proceed to construct complementary long-term partnerships that may assist us notice our mission to construct tradition on the blockchain.”
