{"id":85453,"date":"2023-10-07T13:04:45","date_gmt":"2023-10-07T10:04:45","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=85453"},"modified":"2025-09-12T23:25:00","modified_gmt":"2025-09-12T20:25:00","slug":"yuga-labs-to-cut-staff-and-focus-on-the-otherside-metaverse","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/yuga-labs-to-cut-staff-and-focus-on-the-otherside-metaverse\/","title":{"rendered":"Yuga Labs to cut staff and focus on the Otherside metaverse"},"content":{"rendered":"<p>The studio behind <a href=\"https:\/\/forklog.com\/en\/news\/what-are-nfts\">NFT<\/a>-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.<\/p>\n<figure class=\"wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter\">\n<div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">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. <br \/>For more see a note written by <a href=\"https:\/\/twitter.com\/dalegre?ref_src=twsrc%5Etfw\">@dalegre<\/a> on our <a href=\"https:\/\/t.co\/722YfqwaCB\">https:\/\/t.co\/722YfqwaCB<\/a> official blog.<\/p>\n<p>\u2014 Yuga Labs (@yugalabs) <a href=\"https:\/\/twitter.com\/yugalabs\/status\/1710301985608540598?ref_src=twsrc%5Etfw\">October 6, 2023<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script>\n<\/div>\n<\/figure>\n<p>Co-founder Greg Solano said that after the restructuring the studio now employs more than 120 people.<\/p>\n<figure class=\"wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter\">\n<div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">I\u2019m sure many of you have seen the news that Yuga is undergoing a restructure today. Shit day obviously. Hurts to part ways with team members who have been in the trenches with us. But we needed to make some changes to the company in order to make sure we\u2019re set up for longterm\u2026 <a href=\"https:\/\/t.co\/RF0QGydqze\">https:\/\/t.co\/RF0QGydqze<\/a><\/p>\n<p>\u2014 Garga.eth (Greg Solano) (@CryptoGarga) <a href=\"https:\/\/twitter.com\/CryptoGarga\/status\/1710308108948443574?ref_src=twsrc%5Etfw\">October 6, 2023<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script>\n<\/div>\n<\/figure>\n<p><a href=\"https:\/\/forklog.com\/en\/news\/opinion-yuga-labs-appoints-a-new-ceo-signaling-an-important-development-for-gamefi\">Joined<\/a> the team in December 2022, Yuga Labs CEO Daniel Alegre said that this was a forced decision to better focus on the studio&#8217;s core priorities.<\/p>\n<p>The key focus for the company is the <a href=\"https:\/\/forklog.com\/en\/news\/what-is-the-metaverse\">metaverse<\/a> Otherside, <a href=\"https:\/\/forklog.com\/en\/news\/apecoin-falls-30-as-otherside-metaverse-launches\">launched<\/a> in spring 2022. Alegre promised participants in the project a &#8220;new gaming experience&#8221; in 2024. Among other things, Yuga Labs will focus on community development.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\"><p>\n<cite>\u00abThis 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\u00bb, wrote the studio head.<\/cite><\/p><\/blockquote>\n<p>Laid-off employees will be offered a generous severance package and help finding new employment.<\/p>\n<p>According to <a href=\"https:\/\/www.theblock.co\/data\/nft-non-fungible-tokens\/gaming\/ethereum-gaming-nft-trade-volume\">The Block<\/a>, as of April the weekly trading volume of Otherdeeds non-fungible tokens stood at $20 million, and by October had fallen to $356,000.<\/p>\n<p>In July a rare BAYC NFT #3953 <a href=\"https:\/\/forklog.com\/en\/news\/rare-bayc-token-sold-for-a-record-low-370000\">was sold for 200 ETH<\/a> (~$372 000 at the time of the deal), far below peak levels.<\/p>\n<p>In August BAYC NFT #8585 <a href=\"https:\/\/forklog.com\/en\/news\/one-of-baycs-priciest-nfts-falls-80\">was acquired<\/a> for a record-low 153 ETH (about $254 000). The asset lost 80% in value over 11 months.<\/p>\n<p>In September, the ApeCoin (APE) community <a href=\"https:\/\/forklog.com\/en\/news\/what-is-apecoin-ape\">supported<\/a> the allocation of $12 million for <a href=\"https:\/\/forklog.com\/en\/news\/apecoin-community-backs-12m-allocation-for-new-nft-collection\">the creation of a new NFT collection<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Yuga Labs studio announced a staff restructuring and layoffs. The company did not disclose the number of those laid off.<\/p>\n","protected":false},"author":1,"featured_media":85454,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1356,1276],"class_list":["post-85453","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-bored-ape-yacht-club","tag-layoffs"],"aioseo_notices":[],"amp_enabled":true,"views":"22","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/85453","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=85453"}],"version-history":[{"count":1,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/85453\/revisions"}],"predecessor-version":[{"id":85455,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/85453\/revisions\/85455"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/85454"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=85453"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=85453"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=85453"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}