In a recent email to the Yuga Labs team, CEO Daniel Alegre revealed a strategic restructuring plan aimed at focusing on the core strengths of the company and strengthening partnerships with external collaborators.
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
The decision comes after a meticulous evaluation period during which Alegre and the leadership team delved into Yuga Labs’ projects and initiatives. The restructuring involves the elimination of certain roles across the organization, impacting several colleagues.
Alegre highlighted the importance of transparency, acknowledging the challenges faced during this transition. He emphasized the need to concentrate their efforts on fewer key initiatives, opting to collaborate with external partners to enhance the quality of their offerings.
Strategically important areas of development for Yuga Labs
The email outlined the company’s renewed focus on three fundamental areas:
Commitment to Communities
- BAYC: The company will support the expansion of “Made by Apes” and other projects empowering club members globally. ApeFest Hong Kong is on the horizon, promising to maintain the vibrant energy of “early BAYC vibes.” A major gaming experience slated for 2024 and beyond is also in the works.
- CryptoPunks: Yuga Labs will dedicate resources to preserving and celebrating the crypto art legacy through educational initiatives, including an upcoming book. Improvements to the Punks app and engaging experiences are part of the agenda.
- Meebits and 10KTF: These brands will transition to Otherside, ensuring their creative storytelling opportunities continue to flourish in the metaverse.
The Otherside team is set to create new gaming experiences in 2024 through strategic third-party partnerships. Live experiences showcasing the Otherside platform are planned for the same year, promising immersive engagement for communities and partners.
Alegre highlighted the importance of recent partnerships with entities like Hadean, Bad Rhino, OMA3, Accelbyte, and Faraway. These collaborations are seen as instrumental in Yuga Labs’ rapid growth. Additionally, the company plans to deepen brand partnerships, including collaborations with renowned names like Gucci and A Bathing Ape.
Yuga Labs Announces Restructuring: What’s next?
Alegre acknowledged the emotional impact of these changes and assured affected employees of the company’s commitment to supporting them through the transition. Generous severance packages, COBRA coverage, and assistance in finding new job opportunities are part of the transition support.
While challenges persist in the global economy and the industry, Alegre expressed confidence in Yuga Labs’ ability to revolutionize consumer-brand interactions. The company’s innovative approach, including the granting of IP rights, has positioned it as a trailblazer in the media and entertainment sector. Alegre thanked the team for their dedication and passion, underlining the collective effort in building a groundbreaking company.
The restructuring, focused on fortifying core strengths and fostering strategic collaborations, marks a pivotal moment for Yuga Labs as it steers into the future of digital experiences and blockchain technology.