Yuga Labs to undergo restructuring, leading to staff layoffs
Greg Solano, Co-Founder and CEO of Yuga Labs, presented a memo to the company announcing a restructuring plan. He described the current situation as challenging.
In a message to the team, Solano acknowledged that Yuga Labs had lost its direction and planned to form a smaller, more agile, and crypto-focused team through the restructuring process.
Solano mentioned that some of the company’s initiatives have already been put into action. Yuga Labs’ CEO revealed that Farawaygg, the web3 game development company behind Dookey Dash game, which recently acquired web3 games HV-MTL and Legends of the Mara, will enable Yuga Labs to concentrate on developing 3D Otherside games.
On February 21, Solano expressed gratitude to former Yuga Labs CEO Daniel Alegre and announced his assumption of the role. He expressed his excitement at leading the company into the next phase of its journey.
In October 2023, Yuga Labs announced layoffs within its U.S. team as part of a larger restructuring effort. The company aimed to focus its resources on the development of Otherside, a gaming metaverse.
Related content:
Artists face $9m penalty in Yuga Labs, Bored Ape copyright lawsuit.