In a recent turn of events, Yuga Labs, the mastermind behind the popular NFT projects Bored Ape Yacht Club and CryptoPunks, announced company-wide layoffs, predominantly affecting its US-based teams.
A communication released on Yuga's official website revealed CEO Daniel Alegre's note to employees detailing the reshuffling measures. Although the exact number of affected employees remains undisclosed, the underlying reason is believed to be the company's focus shift and ongoing economic challenges.
Emphasizing the challenging circumstances both within the crypto domain and the broader global economy, Alegre mentioned, "Our aim is to center our efforts around our key strengths, ensuring that we keep delivering immersive experiences to the expansive Yuga community."
The changes come just six months after Alegre, a former president and COO at Activision Blizzard, took the helm at Yuga Labs. During his brief tenure, he recognized that several initiatives, despite their good intentions, either overextended the team or were beyond the company's primary expertise.
In light of these changes, Yuga Labs will channel its efforts towards its metaverse project, 'Otherside'. Highlighting the platform's vision, Alegre said, "Everything digital we do will contribute to and bolster the evolution of Otherside. This includes gaming, immersive entertainment experiences, interactive social engagements, and several unique projects led by Eric Reid and his squad."
In anticipation of what’s to come, the community can expect "frequent development updates" from Otherside in the near future. Furthermore, Yuga Labs remains keen on forging long-lasting partnerships, reinforcing its mission to sculpt culture within the blockchain universe.
