As an analyst with a background in business and experience following the crypto industry, I believe that Yuga Labs’ decision to restructure and potentially lay off team members is a necessary move to refocus the company on its core mission and regain its competitive edge in the rapidly evolving web3 gaming landscape.
Yuga Labs will restructure, expecting to result in team members’ layoffs.
“Greg Solano, the Co-Founder and CEO of our company, issued a memorandum today describing it as a challenging day due to the announced restructuring.”
Hello there, it’s been a grueling day for me as a crypto investor. I’m dead set on revitalizing Yuga and returning to our core values, which unfortunately requires making tough calls. The most challenging of these decisions is parting ways with some exceptional team members. Here’s the message I shared with them this morning:
— Garga.eth (Greg Solano) 🍌 (@CryptoGarga) April 26, 2024
As a dedicated researcher committed to revitalizing Yuga and returning it to its foundational principles, I recognize the necessity of making tough choices.
Greg Solano, Yuga Labs Co-Founder and CEO
In a team communication, Solano pointed out that Yuga Labs had strayed from its path and was planning to restructure into a leaner, more adaptable team with a greater focus on cryptocurrency.
“From the outset, our business was fueled by a pioneering creative mindset. However, this innovative drive has become clouded by intricate corporate procedures. Despite our dedication and passion, we find ourselves bogged down by teams and committees rather than producing and delivering.”
Greg Solano, Yuga Labs Co-Founder and CEO
Solano pointed out that certain projects of the company have commenced their execution. The CEO of Yuga revealed that Farawaygg, the web3 game development company previously collaborated with Yuga for creating Dookey Dash and recently acquired HV-MTL and Legends of the Mara, would enable Yuga to concentrate on producing 3D Otherside games.
On February 21, Solano expressed gratitude towards Daniel Alegre, the previous CEO of Yuga, and announced his assumption of the role. In this communication, he also conveyed his enthusiasm to lead “our next stage” in the startup’s development.
In October 2023, Yuga Labs revealed that they were letting go of some employees from their US workforce. This decision was made in the context of a larger reorganization plan within the company. Yuga Labs intends to channel its resources towards the development of Otherside, their gaming metaverse project.
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2024-04-26 22:14