Yuga Labs, the parent company behind Bored Apes and CryptoPunks, announced a company-wide restructuring. In an email sent to the team, CEO Daniel Alegre broke the news that several roles would be eliminated as a result of these changes.
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Too many simultaneous initiatives
Alegre, the previous COO of gaming giant Activision Blizzard, elaborated on the reasons for this restructuring in an email that was shared on the company’s website. He emphasized the need to focus on Yuga’s essence: creative storytelling and community building.
“There were a number of projects that, while well-intentioned, either spread the team too thin or required execution expertise beyond our core competencies,” – Daniel Alegre
The CEO further mentioned two pivotal questions that guided the restructuring: Are they taking on too much themselves, and should they leverage the strength of third parties? Feedback from internal discussions revealed a strong inclination towards honing in on fewer key initiatives and collaborating with external partners.
Otherside metaverse is a priority
Among Yuga’s recent successes, such as partnerships with Gucci and BAPE as well as real-life events across major global cities, there were hiccups. Alegre acknowledged the realization that the company wasn’t geared to build and manage everything internally, especially when it comes to gaming development. A greater focus on the development of “Otherside” was also highlighted.
Shedding light on future direction, Alegre explained that Yuga’s core will revolve around community engagement and the strategic evolution of Otherside, encompassing gaming, entertainment, and interactive social experiences. Complementary long-term partnerships will be instrumental, specifically in areas like their web3 platform components and Otherside.
For the community:
- BAYC: Emphasis on expanding “Made by Apes” and other initiatives to empower global members.
- CryptoPunks: Resources will focus on fortifying the crypto art legacy and optimizing the Punks app.
- Meebits and 10KTF: These brands will be integrated into Otherside, capitalizing on opportunities tailored for the metaverse.
As for Otherside, 2024 looks promising. The team is set to collaborate with third parties to introduce gaming experiences and offer live experiences on the Otherside platform.
Building upon recent partnerships
Highlighting partnerships, the CEO shed light on recent collaborations with Hadean, Bad Rhino, and OMA3, among others. These strategic partnerships are deemed essential for growth and honing Yuga’s expertise. Brand partnerships with giants like Gucci will continue to flourish, promising more engagement opportunities.
Alegre also addressed a lapse in public communication, ensuring more regular development updates in the coming weeks.
Yuga Labs team left in tears
Moving forward, Alegre’s primary concern is the well-being of departing employees, ensuring they receive adequate support, including generous severance packages and job placement assistance. Some employees took to Twitter (X) to comment on their departure.
Acknowledging the gravity of the decision, Alegre wrote, “Saying goodbye to colleagues is never easy”. While US-based roles were the most affected by the restructuring, the exact number of employees leaving the company is not known. Alegre assured more information would be shared in an upcoming All Hands meeting.