Yuga Labs to cut staff and focus on the Otherside metaverse

The studio behind NFT-collection Bored Ape Yacht Club (BAYC), Yuga Labs, announced a restructuring of its staff and layoffs. The company did not disclose the number of those laid off.

Co-founder Greg Solano said that after the restructuring the studio now employs more than 120 people.

Joined the team in December 2022, Yuga Labs CEO Daniel Alegre said that this was a forced decision to better focus on the studio’s core priorities.

The key focus for the company is the metaverse Otherside, launched in spring 2022. Alegre promised participants in the project a “new gaming experience” in 2024. Among other things, Yuga Labs will focus on community development.

«This is a difficult time not only for our industry, but for the global economy. We must focus on our core strengths and continue to deliver an exciting experience to a broad audience», wrote the studio head.

Laid-off employees will be offered a generous severance package and help finding new employment.

According to The Block, as of April the weekly trading volume of Otherdeeds non-fungible tokens stood at $20 million, and by October had fallen to $356,000.

In July a rare BAYC NFT #3953 was sold for 200 ETH (~$372 000 at the time of the deal), far below peak levels.

In August BAYC NFT #8585 was acquired for a record-low 153 ETH (about $254 000). The asset lost 80% in value over 11 months.

In September, the ApeCoin (APE) community supported the allocation of $12 million for the creation of a new NFT collection.