“To put it simply: Yuga has lost his way.”

Symbol of gratitude

Bored Ape Yacht Club developer Yuga Labs is laying off an unspecified number of employees as appetite for non-fungible tokens (NFTs) continues to evaporate.

On a ad on X-formerly-TwitterYuga Labs CEO Greg “Gargamel” Solano said “some very difficult strategic decisions” “unfortunately” included a “restructuring.”

“To put it simply: Yuga has lost its way,” wrote Solano. “Being centered and on track means being a smaller, more agile and crypto-active team.”

The news comes amid major downturn in the NFT marketwith Bored Ape NFTs that were once worth millions of dollars selling for a tiny fraction.

But is the bizarre trend really going away once and for all — or are NFTs going to have an imminent resurgence, like some recent reports suggest? Anything is possible, but common sense suggests that you should only invest with extreme caution at this point.

Monkeys of Wrath

Celebrities Who Once shilling the monotonous JPGs of tired primates are even being sued by angry investors for releasing the tokens in 2021, which they argue “deceptively promoted” the collection.

In October, Yuga Labs’ Ethereum-based token called ApeCoin fell to an all-time low, hovering at just over $1. gathering in February, the currency lost much of its value again.

Overall, Bored Apes feels like a shadow of its predecessors. former selveswhen they were being sold for millions of dollars in 2021 and 2022. Nowadays the minimum price is barely hanging above $40,000.

In addition to releasing Bored Apes, Yuga Labs has also been struggling to release its video game, called Otherside. In March, the company opened beta sessions to Bored Ape owners for a period of time impressive $75,000.

Despite the high price, the game seemed to be in a disastrous state since horrible graphics for terrible performance.

Non-Fungible Renaissance

In short, Yuga is in “hard mode,” as Solano said in his announcement. The company is “going from zero to one again and we can’t pretend otherwise.”

This is despite certain signs of life in the NFT market. Last week, a CryptoPunk NFT sold for an incredible $12.4 million on Ethereum, ranking among the most expensive NFT sales ever.

Is this a sign of things to come? As with everything else in the extremely volatile and unpredictable world of crypto, all we can do is wait and watch.

More about NFTs: People say their eyes are burning after attending a bored monkey event

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