CEO Greg Solano took aim at “labyrinthine corporate processes” in a message to employees.
Yuga Labs, the company best known for its Bored Ape Yacht Club (BAYC) NFT collection, is restructuring as it seeks to reverse a two-year downtrend.
“Yuga lost its way. Getting ourselves centered and on the right path means being a smaller, more agile and cryptonative team. A team that does fewer things but does them brilliantly,” wrote co-founder and CEO Greg Solano in a message to Yuga employees shared on social media.
The move comes after the company’s flagship BAYC NFTs have lost 90% of their value since peaking in April 2022. The floor price of the collection is up 10% today, however, with Mutant Apes rallying 20% after the news broke.
Solano also indicated a renewed focus on Otherside, the company’s metaverse initiative that launched during the height of the 2022 NFT bull market. However, the related Otherdeed NFTs are flat on the day. At the current floor price of 0.2 ETH, they are down well over 90% since launch.
Yuga Labs recently sold two of its gaming projects, HV-MTL and Legends of the Mara, to gaming studio Faraway as part of its plan to streamline its gaming offerings.
The move has been positively received by the community, with many prominent collectors voicing their support.
“This is a tough one, but the right direction once again, in the end. Undoubtedly,” wrote DFarmer.
“We do a little getting back to the roots. Love to see it,” said DeeZe.
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