It’s now time for Yuga Labs to return to its original path, according to co-founder Greg Solano.
Yuga Labs, the team behind the Bored Ape Yacht Club (BAYC) NFT collection, has initiated a company restructuring to prioritize its core crypto business, which includes the Otherside metaverse project, said Greg Solano, the company’s co-founder, in a recent post on X.
As part of the restructuring process, Yuga Labs has cut down its workforce, though the company hasn’t specified the number of employees affected. Solano said Yuga Labs “lost its way” and needs to become a “smaller, more agile, and cryptonative team.”
Yuga Labs is announcing a restructuring that will better focus our team on our core priorities. While certain roles have been impacted, these changes are necessary to evolve as an organization.
For more see a note written by @dalegre on our https://t.co/722YfqwaCB official blog.— Yuga Labs (@yugalabs) October 6, 2023
Yuga Labs’ efforts to regain its footing
Yuga Labs is best known for creating the Bored Ape Yacht Club (BAYC) NFT collection, which has become one of the most valuable and prominent NFT projects.
Following the success of BAYC, the company released a number of additional NFT collections, like Mutant Ape Yacht Club (MAYC) and Bored Ape Kennel Club (BAKC). In March 2022, Yuga Labs raised $450 million in funding led by Andreessen Horowitz (a16z), to develop “Otherside,” a gamified metaverse that will integrate its various NFT collections.
However, BAYC’s luster began to fade following the crypto downturn in 2022-2023. The prices faltered, and some celebrity backers sold their NFTs.
According to data from NFT Price Floor, the floor price of one of these blue-chip NFTs dipped below 11 Ether earlier this month, reflecting an over 90% drop from the collection’s peak nearly two years ago.