BACK TO BAYC-ICS: Yuga Labs Announced A Restructuring& Refocusing On Core Competencies

Yuga Labs’ Chief Executive Officer, Daniel Alegre, announced today that the company would be restructuring and refocusing on their core competencies after conversations with Yuga leadership and the community.

On Friday, Yuga Labs shared an email from Alegre to employees on social media. In the email, Alegre explained that he and the leadership believe the company has spread itself too thin and needs to restructure.

“When I joined Yuga six months ago, my first priority was to lay out a clear vision that focused our team on the creative storytelling and community building that is at the core of Yuga,” Alegre wrote. “I also went on a listening tour to understand every aspect of our business and ensure that the makeup of our team and our projects were aligned with our goals. I realized very quickly that there were a number of projects that, while well-intentioned, either spread the team too thin or required execution expertise beyond our core competencies. As part of this, I’ve spent a long time with the leadership team looking inward and being realistic about two core questions: Are we taking on too much ourselves, and should we gain from the strength of third parties?”

Following these talks and internal conversations Alegre decided it was time was time for Yuga Labs to get back to BAYC-iscs and focus on its three core competencies: community, Otherside, and making culture on the blockchain.

To do this, Alegre said that Yuga Labs will be refocusing and restricting its core NFT teams.

The BAYC team will work to empower the Made by Apes program and Yuga Labs will continue to foster “early BAYC Vibes” with more gaming experiences. The CryptoPunks team will continue to educate the art world on CryptoPunks. The Meebits and 10KTF teams will be restructured, and join the Otherside team which Alegre said is the perfect place for the two collections. “Meebits is a collection built for the metaverse, while the 10KTF shop will finally have a permanent home,” he wrote.

Along with refocusing Yuga Labs on its communities, Alegre also said that Yuga Labs will be going all in on Otherside with the help of third-party partnerships, like the ones the company made last month, with live experiences and showcases of the platform throughout 2024.

“We are aware that we haven't been building in public as often as we had wanted, and to address that, we're going to start providing regular development updates in the coming weeks,” Alegre said.

Along with explaining what’s next for Yuga Labs, Alegre emphasized that Yuga Labs will be working hard to help those who will be leaving the company during this restructuring.

“Above all else, my top priority during this transition is to ensure that those leaving Yuga are treated with the respect and gratitude they deserve,” Alegre said. “We are committed to providing them with all the support they need. Our transition package includes generous severance, COBRA coverage, and assistance in finding new job opportunities.”

The Bored Ape Gazette is working to bring you continued coverage of today’s restructuring and will bring you more coverage of Alegre’s email. Stay tuned for updates!