In a recent internal memo, Daniel Alegre, the CEO of Yuga Labs, announced a comprehensive company restructuring and staff downsizing. Alegre expressed the necessity for these changes in a blog post, stating, “After a recent period of thoughtful consideration, I have decided that we need to restructure the Yuga Labs teams. The implication of these changes is that a number of roles have been eliminated across the company, impacting some of your colleagues.”
Alegre, who assumed the role of CEO six months ago, emphasized the importance of clarifying the company’s vision, which centers on creative storytelling and community building at Yuga’s core. He acknowledged that several projects, although well-intentioned, had stretched the team too thin or demanded expertise beyond their core competencies.
As part of the restructuring, Yuga Labs is redirecting its efforts towards cultivating its community and enhancing brand engagement. The company is committing to a full-scale focus on their metaverse extension project, “Otherside,” while also reinforcing internal development endeavors.
Despite earlier achievements of millions in weekly sales volume, Otherside has experienced stagnant volumes since April, with just $356,000 in sales during the first week of October, according to The Block’s Data Dashboard.
Yuga Labs’ flagship NFT project, the Bored Ape Yacht Club, has also faced challenges, with its floor price plummeting by 62% this year—from 69.49 ETH ($83,400) on January 1 to 26.19 ETH ($42,800) on October 6.
These strategic shifts reflect Yuga Labs’ commitment to refocusing its efforts on core competencies and metaverse development, highlighting the dynamic and evolving landscape of the blockchain and NFT industry.
