NFTs
Yuga Labs will restructure and renew focus on the other side
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 has lost his way. Being centered and on the right track means being a smaller, more agile and cryptoactive team. A team that does fewer things, but does them brilliantly,” co-founder and CEO Greg Solano wrote in a message to Yuga employees shared on social media.
The move comes after the company’s flagship BAYC NFTs lost 90% of their value since peaking in April 2022. The collection’s floor price rose 10% today, however, with Mutant Apes rising 20% after the news broke.
BAYC floor price
Solano also indicated a renewed focus on Other side, the company’s metaverse initiative launched during the height of the 2022 NFT bull market. However, related Otherdeed NFTs are stable on the day. At the current minimum price of 0.2 ETH, they are down well over 90% since launch.
Yuga Laboratories recently sold two of its game projects, HV-MTL and Legends of the Mara, for gaming studio Faraway as part of its plan to streamline its gaming offerings.
The move was positively received by the community, with many prominent collectors expressing their support.
“This is a difficult question, but the right direction once again, in the end. Undoubtedly,” he wrote DFarmer.
“We do a little bit to get back to our roots. I love seeing that,” he said DeeZe.