As a researcher with experience in the NFT and blockchain industry, I’m closely following the developments at Yuga Labs, especially after their recent announcement of layoffs and business restructuring. The company, known for its popular NFT collectible, is pivoting its strategy to prioritize the Otherside Metaverse over a broader approach.
According to a memo from CEO Greg Solano of Yuga Labs, the company responsible for the widely used NFT collectibles, is undergoing organizational changes which include layoffs and a shift in business strategy. The new strategy will place greater emphasis on developing the Otherside Metaverse, as opposed to the previous multi-faceted approach.
Today has been a particularly challenging day for me, GM. I’m deeply committed to revitalizing our organization and returning it to its founding principles. To achieve this goal, I must make difficult choices. Regrettably, parting ways with some exceptional team members is the most daunting decision I’ve had to face yet. Here’s what I shared with the team this morning:
— Garga.eth (Greg Solano) 🍌 (@CryptoGarga) April 26, 2024
In his memo, Susano explained that the elimination of moderate politics within the company was not only a necessary step in our innovative strategy but also emerged from the intricate corporate procedures we’ve been following. This strategic shift transpired post-October layoffs and subsequent engagement of Faraway game developers to migrate projects to web3 technology. The layoffs were essential for eliminating unprofitable sectors, enabling us to channel all resources into our thriving and successful projects.
Through offering select upgrades for Faraway and shifting focus to the Otherside gaming universe, Yuga Labs intends to keep its leading position in the expanding and competitive digital asset and technology marketplace. The company believes these modifications are essential steps to remain at the forefront of innovation.
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2024-04-27 03:00