Yuga Labs, creator of the Bored Ape Yacht Club (BAYC) non-fungible token (NFT) collection, has announced a company restructuring and layoff for the second time in a little over six months. This announcement was made by the company’s CEO and co-founder, Greg Solano, who took the leadership position in February.
‘Lost’ Yuga Labs Needs To Find Its Way: Co-Founder
On Friday, April 26, Solano took to the X platform to reveal that the web3 firm will again implement new changes in its operations and staff structure. On what he called a “tough” day, Solano said that the NFT company has “lost its way” and will now focus on getting on the right path.
Solano’s message to the staff read:
I’ve had to take real stock of where the company is at while at the helm these last two months. 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.
The Yuga Labs’ co-founder hinted that the company has had it easy over the past few years, especially with creator royalties flowing into the organization. However, it appears that the BAYC creators have been struggling due to royalties-related changes enforced by prominent NFT marketplaces such as OpenSea, Blur, LooksRare, etc.
In his message, Solano also highlighted some of the steps being taken towards the restructuring of Yuga Labs. The CEO mentioned the spinout of HV-MTL and Legends of the Mara, which he claims will help the firm focus its gaming efforts on 3D Otherside. “Other aspects of the plan will be announced soon,” Solano added.
Yuga Labs Hires New Head Of Brand Partnerships
A few hours before the restructuring announcement by the CEO, Won Kim revealed via a series of posts on X that he is joining Yuga Labs as its Head of Brand Partnerships. It is unclear whether this appointment is part of the strategic reorganization the NFT company is undertaking.
Kim, a co-founder of web3 consulting agency and NFT fund Bored Room Ventures, will be tasked with forging strong and strategic brand connections for Yuga Labs. Kim noted that he will step down from his role at Bored Room Ventures, with his co-founders taking the reins at the organization.
Big update!
I am beyond thrilled to share that I’ve joined @yugalabs as Head of Brand Partnerships. It’s an awesome role with an incredible team to continue building culture on the blockchain.
— won kim (@wonk1m) April 26, 2024
The co-founder wrote in a post:
My journey into Web3 has been all the feels, and I am lucky to continue building in Web3, and there is no better place to do that than Yuga Labs. This opportunity is beyond just a job; it’s about the experiences, the holders, the community, and pushing innovation forward.