Yuga Labs, the Web3 platform behind the popular non-fungible tokens (NFTs) Bored Ape Yacht Club (BAYC), recently announced new worker layoffs. The company eliminated several roles held by its talented employees as part of this strategic move.
Co-founder and CEO Greg Solano explained that Yuga Labs had “lost its way,” prompting the need for change. The goal is to return the company to a more streamlined and agile team with a strong focus on crypto-native projects, Solano added.
gm, really tough day today. I am hellbent on transforming yuga and getting us back to our roots, and that means making hard decisions. by far the hardest is saying goodbye to some talented team members. here was my message to the team this morning. pic.twitter.com/gBkoNf2iK3
— Garga.eth (Greg Solano) 🍌 (@CryptoGarga) April 26, 2024
In a statement shared via X, Solano, who resumed his role as CEO in February, also highlighted how his analysis of Yuga Labs’ current state had identified some of the problems affecting it. For instance, Solano said he found the company had convoluted corporate processes that had diluted the creative spirit that had fueled its success since inception.
Before these recent layoffs, Yuga Labs had parted ways with approximately 120 U.S.-based employees during the last quarter of 2023. At the time, former Yuga Labs CEO Daniel Alegre acknowledged that the company faced a challenging environment. He also emphasized that Yuga Labs lacked the necessary manpower to execute certain projects that demanded expertise beyond its core competencies.
Solano also addressed the impact of Yuga Labs’ substantial valuation and how this inadvertently fostered an “easy mode” culture within the organization.
“Yuga was about a dozen people when someone knocked on the door with a massive valuation. The ethos back then was just: ship only stuff that delights but also do it like your butt is on fire. We had our share of luck and moments of brilliance, but in a lot of ways we were playing the game of easy mode,” Solano said.
Going forward, the co-founder stated that Yuga Labs will emphasize speed, agility, and commitment. The remaining employees must align themselves with this new focus. Solano, however, encouraged those employees who are not interested in the next phase to consider accepting the same severance package offered to workers affected by the layoffs.
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