Yuga Labs CEO Greg Solano faced a challenging day, as he conveyed to company employees in a message subsequently shared with the public.
Following an all-hands meeting where layoffs were disclosed, some staff members experienced an even tougher time. Solano attributed Yuga’s struggles to losing its original direction.
In his internal communication, Solano reflected on his two-month tenure as CEO, lamenting the erosion of the company’s creative ethos:
“The creative-first spirit that drove this company from inception has been getting muddied by labyrinthine corporate processes.
“We work hard and we care but somehow end up with groups and committees.
“We plan more than we ship.”
“Creator royalties were thriving and made our whole ecosystem electric. Now we’re in hard mode,” Solano said, but he has a plan.
Solano outlined initial steps in the restructuring, citing the spinout of HV-MTL and Legends of the Mara on April 17.
Yuga’s gaming properties were acquired by game developer Faraway, with Yuga’s chief gaming officer Spencer Tucker joining them.
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Solano’s message on April 26 emphasized Yuga’s focus on developing its Otherside metaverse project.
Shortly before Solano’s announcement, Won Kim was appointed as Yuga’s head of brand partnerships. Kim, co-founder of the Bored Room Ventures NFT fund and consulting agency, left his previous position for Yuga.
The X crypto community had mixed reactions to the layoffs, though Solano’s post garnered overwhelming support.
Amidst supportive responses, there were also dissenting voices. One individual, Ricefarmer, claimed to have been laid off from Yuga Labs and highlighted their former role as a Discord moderator.
Yuga Labs, known for pioneering NFT collectibles, has faced challenges amid market evolution. In October, the company underwent restructuring, which included a round of layoffs.
When approached for further comment, Yuga Labs declined to provide additional information.
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