October 6, 2023 at 16:11 GMTModified date: October 6, 2023 at 16:11 GMT
October 6, 2023 at 16:11 GMT

More industry bad news as now Yuga Labs also cuts staff

Yuga Labs, the $4billion firm behind the Bored Ape Yacht Club, has announced a reduction in its workforce today.

More industry bad news as now Yuga Labs also cuts staff

Yuga Labs, the $4billion firm behind the Bored Ape Yacht Club and CryptoPunk NFTs, has announced a company restructuring and a reduction in its workforce today

In a memo, CEO Daniel Alegre said: “I have some difficult news to share.

“After a recent period of thoughtful consideration, I have decided that we need to restructure the Yuga Labs teams. The implication of these changes is that a number of roles have been eliminated across the company, impacting some of your colleagues.

“When I joined Yuga six months ago, my first priority was to lay out a clear vision that focused our team on the creative storytelling and community building that is at the core of Yuga. I also went on a listening tour to understand every aspect of our business and ensure that the makeup of our team and our projects were aligned with our goals. I realized very quickly that there were a number of projects that, while well-intentioned, either spread the team too thin or required execution expertise beyond our core competencies.  

“As part of this, I’ve spent a long time with the leadership team looking inward and being realistic about two core questions: Are we taking on too much ourselves, and should we gain from the strength of third parties? “

The company will move its focus to developing brand engagement and community, “going all-in” on their Metaverse extension, Otherside. 

Crypto redundancies

It’s not been a good week for recruitment in the digital industry. Today, Ledger revealed they are cutting 12% of staff for “longevity of the business”, while blockchain analytics firm Chainalysis recently cut 15% of its staff in its second round of layoffs. 

Meanwhile, Chia Network has laid off 26 of its 70 employees on the back of its delay in going public and Epic Games recently let go of 830 employees, citing “unrealistic” Metaverse plans.

Earlier in May, it was reported that Binance was letting go of 20% of its 8,000-strong workforce.