- As part of a corporate reorganization, Yuga Labs fired a number of employees last week.
- CEO Greg Solano of Yuga Labs said the company lost its way and is focusing on putting together a smaller team of native cryptocurrency experts.
Due to internal restructuring, the web3 behemoth Yuga Labs had to let go of several team members on Friday.
Greg Solano, a co-founder of Yuga Labs and the company’s new CEO since February, released the document announcing the restructure program on social media.
Regarding the restructuring announcement, Solano stated that it was a very difficult day. Making difficult choices is a must if I am to reform Yuga and return us to our origins. Saying farewell to some talented team members is the hardest thing by far.
According to Solano’s statement, Yuga Labs lost its path and will now concentrate on assembling a more compact, nimble, and crypto-native staff.
The company’s founding principle of putting creativity first has been soiled by complex business procedures. Despite our best efforts and sincerity, we somehow wind ourselves in committees and groups. Compared to shipping, we plan more.
Solana mentioned that some of the company’s ambitions were starting to come together. Yuga’s CEO claims that Farawaygg, a business that created web games for the company including Dookey Dash and recently bought HV-MTL and Legends of the Mara, will free up Yuga to focus on creating 3D Otherside games. More information on the idea will soon be released, according to Solano.
Restructuring plans for Yuga Labs were announced just hours after media seasoned professional Won Kim joined the company as head of brand relationships. Prior to joining Yuga, Kim directed projects at FiveStone, South China Morning Post, Digg, ESPN, and other companies. She also launched Bored Room Ventures, an NFT fund and consultancy organization.
Disclaimer : This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments.
