The leaders of the Web3 studio Yuga Labs started restructuring the company. This will require staff reductions. Some of the team members have already been fired. Yuga Labs co-founder Greg Solano, who took over as CEO of the company in February 2024, published a new memo from the organization.
“Today is a truly difficult but important day,” Solano wrote regarding the restructuring announcement.. “I am obsessed with transforming Yuga Labs and taking us back to our roots.. It also means difficult decisions will have to be made.. Of course, the hardest thing is saying goodbye to talented team members who have become part of a big family.”
In the note, Solano said Yuga Labs has «lost its way» and will focus on building a «smaller, more flexible and crypto-focused team.». The specialist emphasized that he had been assessing the state of the organization for the last 2 months. “The creative spirit that has guided the company since its inception has become entangled in the labyrinth of corporate processes. We are working hard, but this is not quite the direction that was originally planned.”
Solana noted that some of the company’s plans have already begun to be implemented. Yuga Labs CEO said that Web3 game developer Farawaygg, which helped develop Dookey Dash, recently acquired the rights to HV-MTL and Legends of the Mara, which will allow Yuga to focus on finishing off the series in 3D. Otherside. “Other aspects of the plan will be announced soon,” Solano continued.
Yuga Labs' plan to restructure the company comes hours after media veteran Won Kim joined the project as head of brand partnerships. Before joining Yuga, Kim founded a consulting agency and NFT fund called Bored Room Ventures. He previously led operations at FiveStone, South China Morning Post, Digg, ESPN and other firms.