As a researcher with experience in the NFT and blockchain industry, I’ve been following Yuga Labs closely and have observed their evolution over the past few months. The recent announcement by CEO Greg Solano regarding layoffs and reorganization came as a shock to many, including me.
According to a statement made by Yuga Labs CEO Greg Solano, who shared it publicly on X, he endured a challenging day herself/himself. Unfortunately, some of the company’s employees experienced an even more difficult day following an all-hands meeting during which layoffs were disclosed. In his message, Solano admitted that Yuga Labs had veered off course.
In a recent communication to the team, Solano shared that during the past two months, in his role as CEO, he had conducted an evaluation of the company. The results of this assessment, unfortunately, raised some concerns.
“The creative-first spirit that drove this company from inception has been getting muddied by labyrinthine corporate processes. We work hard and we care but somehow end up with groups and committees. We plan more than we ship.”
“Solano remarked that creator royalties were flourishing and invigorating our entire system. However, we’ve entered a challenging phase now.” But, he assures us, he has a strategy in place.
Solano said some steps in the reorganization have already been taken, pointing to the spinout of HV-MTL and Legends of the Mara, announced April 17. Game developer Faraway, already a Yuga collaborator, acquired those properties and took Yuga chief gaming officer Spencer Tucker onboard along with them. In his April 26 message, Solano said Yuga would concentrate on developing its Otherside metaverse project.
Prior to Solano’s announcement, Won Kim publicly shared on platform X that he had been named the head of brand partnerships at Yuga Labs. According to his LinkedIn profile, Kim was previously the co-founder and led the nonfungible token (NFT) fund and consulting agency at Bored Room Ventures before joining Yuga.
The response from the X crypto community to the layoff news varied significantly. However, Solana’s post received an outpouring of backing from its supporters.
In a surprising turn of events, Ricefarmer, who was previously employed at Yuga Labs with the role of Discord moderator, announced his termination. His responsibilities included banning users who voiced criticism about Yuga and working for only two hours daily, earning a substantial salary of $200k. He identified himself as the founder of Ohayo Labs on his X page. (Note: It’s important to clarify that Ricefarmer is an individual and not representing Yuga Labs or Ohayo Labs in any official capacity.)
As a researcher examining the developments in the NFT collectibles market, I’ve observed that Yuga was among the pioneers in this space. However, the company has faced challenges as the market has evolved. In October, Yuga underwent restructuring which included layoffs.
As a researcher, I attempted to gather additional details from Yuga Labs regarding the current state of affairs when I contacted them through CryptoMoon. However, they chose not to provide any further comments or insights.
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2024-04-27 01:06