Yuga Labs Undergoes Restructuring Amid Market Challenges; CEO Greg Solano Outlines New Focus
Summary:
Yuga Labs' CEO Greg Solano indicated the company is undergoing an unsettling transition. His review revealed a shift away from its original creative energies towards excessive corporate procedures. In recent restructuring efforts, the game developer Faraway acquired Yuga units, HV-MTL and Legends of the Mara. While Yuga is shifting its focus to the development of the Otherside Metaverse Project, the recent layoffs have drawn mixed reactions from the crypto community. The company, known for pioneering NFT collectibles, is facing challenges in the evolving market and declined to provide further details on the situation.
Greg Solano, CEO of Yuga Labs, faced a difficult day, according to a statement given to the company's team before it was made public. The day proved harsher for some employees after an all-staff gathering where job dismissals were communicated. Solano explained that Yuga lost its direction. In his communication with the team, Solano admitted to evaluating the company for the last two months since he assumed the CEO role. He arrived at a disturbing conclusion: the company, driven initially by creative energy, was now entangled in complicated corporate procedures. Despite diligent effort and commitment, they found themselves caught up in groups and committees, spending more time planning than executing.
Solano noted that the company's creator royalties were earlier blooming, lending vibrancy to the whole system. Current times are tough, he added, but he has a strategy in place. Keeping the staff updated, Solano confirmed that the reorganization process had already started, exemplified by the successful spinout of HV-MTL and Legends of the Mara, which was announced on April 17. Game developing company Faraway, already in association with Yuga, acquired these units and welcomed aboard Yuga's Chief Gaming Officer, Spencer Tucker. As of April 26, Solano reaffirmed Yuga's focus on the development of the Otherside Metaverse Project.
Won Kim also announced his appointment as the head of brand partnerships in Yuga Labs. This news came shortly before Solano's announcement. Kim was known to be the co-founder of Bored Room Ventures NFT fund and previously had consulted for an agency. Kim left his previous position to work for Yuga, based on his LinkedIn profile. The crypto community's response to the layoffs at Yuga was divided.
The news about the layoffs drew trolls as well. A layoff victim from Yuga identified as 'Ricefarmer' claimed that they worked as the Discord moderator, dealing with dissatisfied shareholder comments. Working for a compensation package of $200k for 2 hours daily, their primary tasks were countering spam and pfps issues.
Yuga Labs, originally a pioneer in NFT collectibles, had been facing a challenging phase in the market. The company previously underwent a restructuring process in October, which led to several layoffs. When approached for more details by Cointelegraph, Yuga Labs refrained from commenting further about the ongoing situation.
Published At
4/27/2024 12:53:45 AM
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