Yuga Labs, the firm that created Bored Ape Yacht Club, has announced a restructure in which numerous functions have been “eliminated across the company.”
Although the precise number of layoffs hasn’t been disclosed, Yuga Labs CEO Daniel Alegre claimed in a blog post uploaded on X (previously Twitter) on 6 October that the company had taken on too many projects that were eventually deterring it from its “core priorities.”
“I realized very quickly that there were a number of projects that, while well-intentioned, either spread the team too thin or required execution expertise beyond our core competencies,” he said, adding that: “To create truly amazing experiences that matter to our communities and our business, we need to place our bets on fewer key initiatives and team up with complementary external partners to make these experiences happen.”
Alegre stated that going forward, the company will increase its emphasis on community development, “going all-in” on its Otherside metaverse initiative, and gaining brand collaborations.