Yuga Labs Reduces Workforce As a Component of Broader Restructuring Efforts

Yuga Labs cuts staff

Following a significant drop in revenue, Yuga Labs has undertaken workforce reductions to concentrate resources on expanding the Otherside metaverse. According to an announcement on October 6, Yuga Labs— a $4 billion startup behind the Bored Ape Yacht Club (BAYC) and various other popular NFT projects—revealed the company’s restructuring and layoffs. Yuga Labs CEO Daniel Alegre shared, “After careful consideration, we have decided to restructure the Yuga Labs team. As a result, some positions have been eliminated, directly impacting some of your colleagues.”

It remains unclear how many employees have been laid off. However, the decision today only affects personnel in the United States, with the company still evaluating its international workforce. As of November last year, and following the acquisition of WENEW, Yuga Labs had approximately 100 full-time employees globally.

For now, Yuga Labs will focus on community and brand development, “pouring all efforts” into the company’s Otherside metaverse. The CEO revealed that Otherside will launch a new gaming experience in 2024 and foster long-term partnerships in the future. Despite bringing in millions in sales revenue earlier this year, Otherside’s transaction volume has slowed since April, reaching only $356,000 in sales in the first week of October. Yuga Labs’ blue-chip NFT project, Bored Ape Yacht Club, witnessed a 62% floor price drop this year, falling from 69.49 ETH ($83,400) on January 1 to 26.19 ETH ($42,800) on October 6.

The floor prices of other renowned NFT collections

Facing the challenges of the current crypto winter, several industry giants, including Ledger, Chainalysis, Qredo, CoinDCX, CoinDesk, and Binance, have opted for significant workforce reductions. Yuga Labs is no exception to this trend.

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Chi Do
Chi Do
Chi Do is a content writer at CoinMinutes, responsible for creating most of the content on the website, including news related to Bitcoin (BTC), Ethereum (ETH), Blockchain, Decentralized Finance (DeFi), and more. With a keen interest in cryptocurrencies since the 2020s, Chi has acquired extensive experience and knowledge in this field. Chi holds a Bachelor's degree in communication from Academy of Journalism and Communication in Vietnam.

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