Yuga Labs, a sister firm to the NFT portfolio that includes Bored Ape Yacht Club (BAYC) and CryptoPunks, plans to implement a detailed restructuring plan, as a result of which it plans to lay off a certain number of employees.
In an October 6 announcement posted on Twitter and the company’s blog, CEO Yuga Labsa Daniel Alegre shared his thoughts and plans for the future, including layoffs that primarily affected the company’s US-based teams.
“Today we announced a restructuring of Yuga Labs that will help us better serve our customers communities and implement our company vision. These decisions are not taken lightly as they affect the people and roles within the company.”
As for the Yuga Labs team, half a year ago after the end of his tenure at Activision Daniel Alegre has joined Blizzard as President and COO. His role at Activision included the international delivery and commercialization of franchises such as Call of Duty, World of Warcraft, Diablo, Overwatch and Candy Crush. Alegre also spent more than 16 years at Google where he was the company’s president for global and strategic partnerships, president of purchasing and payments as well as president of Asia Pacific and Latin America throughout his career there.
Alegre also pointed out: “This is a challenging time, not only for our industry but also for global economy. We must remain focused on our core strengths as we proceed to create unique, engaging experiences for a wider Yuga audience. Today’s restructuring affects on US team members, and we are actively considering the impact on our international teams.” In the midst of this restructuring, Yuga Labs wants to concentrate its energy on its game world of the metaverse, “Otherside”. Alegre stressed that all digital interactions going forward support the evolution of the Otherside.
At the heart of this evolution are new Trategic strongholds. First, there is a definite emphasis on scaling up community relations, ensuring brand engagement and growth. Second, “Otherside Strategy” is key, directing all digital efforts to improve games, entertainment and interactive social connections, with initiatives prominently led by Eric Reid. Eventually, Yuga uses his own development forces, especially in Web3 and Otherside, supplemented by nurturing long-term ones external connections.