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Boring Monkey Yacht Club Creator Yuga Labs has continued its recent revamp. announce restructuring plan Friday will include new layoffs. Previous wave last October.
Greg “Garga” Solano, co-founder of Yuga Labs. CEO returns in FebruaryHe announced the news on Twitter on Friday, sharing a screenshot of a Slack message sent to the team.
“I need to be honest and honest with everyone about why I made this decision. Simply put, oil prices have lost their way,” he wrote. “Putting ourselves at the center and on the right path means becoming a smaller, more agile, cryptocurrency-based team. “This is a team that does little but does it well.”
It is unclear how many positions will be affected by the restructuring. decryption We reached out to Yuga Labs for clarification, but did not immediately hear back.
GM Today is a really difficult day. I am passionate about changing oil prices and getting us back to our roots, and that means making difficult decisions. The hardest thing so far has been saying goodbye to some talented team members. Here’s the message I sent to the team this morning: pic.twitter.com/gBkoNf2iK3
Yuga Labs was founded in early 2021 and launched the Bored Ape Yacht Club. NFT project Ethereum 3 years ago this week. In just a few months, 10,000 unique profile photos were collected (PFP) is NFT Almost $430,000 worth of ETH Coming to secondary marketplaces in April 2022.
The startup scaled quickly. that $450 million raised in March 2022 With a valuation of $4 billion, Acquired the influential CryptoPunks. NFT project IP from creator Larva Labs. that much Ape Coin (APE) The crypto token of the Bored Ape ecosystem, said to have been officially created by an independent foundation, has provided and rewarded NFT holders (and Yuga Labs itself) with a huge windfall.
Yuga Labs has made a big move into the gaming space with the following announcement: the other sideMetaverse game based on NFT land plots Hundreds of millions of dollars in sales Late April 2022. But after the sale Criticized for its design And due to the significant network costs that come with it, the Bored Ape ecosystem faces a variety of challenges.
NFTs recently fell to the following prices: 90% less than peakYuga Labs has yet to release Otherside, despite several brief testing events, and the company Some of the game IPs created were sold. Earlier this month we made an effort to refocus and streamline. Solano wrote that since returning as CEO, he has seen the organization become too big and not performing enough.
“The creative-first ethos that drove this company from the beginning is being obscured by a maze of corporate processes,” he wrote. “We work hard and care, but somehow we end up in groups and committees. We plan more than we deliver.”
“When the oil price was about a dozen people, someone knocked on the door with a huge valuation. The mentality back then was to just ship what makes you happy, but do it like your ass is on fire,” he continued. “We’ve shared moments of fortune and glory, but in many ways we’ve played the game on easy mode. Creator royalties have thrived, energizing the entire ecosystem.”
He quoted: recent sales Due to the release of HV-MTL and Legends of the Mara game IPs Moving away from respecting creator royalties In the past few years they are now playing on “hard mode” and have to go “from 0 to 1 again”.
But Solano said he has plans to go public in the near future, and appears to be focused on staying lean and making smaller but faster swings.
“The biggest home run in the history of oil prices was launched less than three months from being a twinkle in our eyes,” he wrote.
Edited by Ryan Ozawa.
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