Yuga Labs is undergoing restructuring and is expecting layoffs of team members.
Company co-founder and CEO Greg Solano issued a company memo announcing the restructuring. In his statement, he said today was “difficult.”
“I’m passionate about transforming Yuga and getting us back to our roots, and that means making difficult decisions.”
Yuga Labs Co-Founder and CEO Greg Solano
In a message to the team, Solano noted that Yuga Labs has lost its way and plans to restructure to create a smaller, more flexible, cryptocurrency-focused team.
“The creative-first ethos that has guided this company since its inception has been obscured by complex corporate processes. We work hard and care, but we end up in groups and committees. We plan more than we deliver.”
Greg Solano, Co-Founder and CEO, Yuga Labs
Solano noted that some of the company’s plans have already begun to be implemented. Yuga’s CEO said Farawaygg, a web3 game development company that Yuga used to develop the Dookey Dash game and which recently acquired web3 games HV-MTL and Legends of the Mara, will allow Yuga to focus on creating 3D Otherside games. Yes.
On February 21, Solano thanked former Yuga CEO Daniel Alegre and announced that he would take the position. In the message, he added that he was “rejuvenated to lead the next chapter” in the startup’s story.
In October 2023, Yuga Labs announced that it was laying off employees from its U.S. team as part of a broader restructuring. The company decided to focus its efforts on developing Otherside, the gaming metaverse.