Home
News
Yuga Labs CEO Greg Solano dismissed several employees on Friday; steadily declining since 2022.
Yuga Labs, a media company and creator of the Metaverse game announced employee layoffs on Friday. The same was communicated with the employees via email. According to Greg Solano, the CEO of Yuga Labs, the company initiated its work on the restructuring.
Yuga Labs Constructing New Team
On April 26, the head of Yuga Labs, Greg Solano, announced the termination of an undisclosed number of staff members. He communicated to his team that the organization had shifted from its original path and was loaded with overly complex internal procedures.
The exact figure of the workforce reduction isn’t shared yet, following a previous reorganization in October that left the company with over 120 employees. The CEO told the news through an email sent to employees that morning and subsequently posted a portion of this email on a social media platform, X.
In his tweet, he expressed his commitment to redirect Yuga Labs toward its foundational principles, recognizing that this pivot necessitates difficult choices, specifically the painful process of parting with skilled colleagues.
Assuming the role of CEO in February, Solano promised to steer the company with a renewed focus on blockchain-based strategies. Yuga Labs has seen substantial growth since the debut of its Bored Apes NFT line in 2021, becoming a dominant force in the industry.
The value of the Bored Apes skyrocketed to remarkable heights in 2022, with the least expensive ones conveying upwards of 100 Ether (ETH), equal to around $400,000 at that time. In the same year, the company secured a significant investment of $450 million, upgrading its valuation to $4 billion.
Furthermore, just before Solano’s statement, Won Kim took to X to make a special announcement.
Big update!
— won kim (@wonk1m) April 26, 2024
I am beyond thrilled to share that I’ve joined @yugalabs as Head of Brand Partnerships. It’s an awesome role with an incredible team to continue building culture on the blockchain.
🧵 pic.twitter.com/yTNTuonwNU
As per the tweet, Won Kim was appointed as the head of brand partnerships at Yuga Labs. Kim is the co-founder of Bored Room Ventures nonfungible token (NFT) fund and consulting agency.
Some Popular NFT Projects On Yuga Labs
Expanding its portfolio, Yuga Labs not only introduced a new NFT series and a digital currency but also ventured into branded merchandise encouraged by the Bored Apes Yacht Club (BAYC).
Moreover, the firm launched the creation of Otherside, a metaverse project with gaming elements, and acquired ownership of other leading NFT collections, such as CryptoPunks and Moonbirds.
Taking a look at NFT projects, Yuga Labs has a wide range of NFT projects including BAYC, Mutant Ape Yacht Club (MAYC), CryptoPunks, Meebits, and Otherside.
Amanda Shinoy is one of the few women in the space invested knee-deep in crypto. An advocate for increasing the presence of women in crypto, she is known for her accurate technical analysis and price prediction of cryptocurrencies. Readers are often waiting for her opinion about the next rally. She is a finance expert with an MBA in finance. Quitting a corporate job at a leading financial institution, she now engages herself full-time into financial education for the general public.
