Yuga Labs will restructure, expecting to result in team members’ layoffs.
Company Co-Founder and CEO Greg Solano presented a company memo announcing the restructuring. In his statement, he called today “tough.”
“I am hellbent on transforming Yuga and getting us back to our roots, and that means making hard decisions.”
Greg Solano, Yuga Labs Co-Founder and CEO
In a message to the team, Solano noted that Yuga Labs had lost its way and that it intends to create a smaller, more flexible, and crypto-focused team with the restructuring.
“The creative-first spirit that dove this company from inception has been getting muddied by labyrinthine corporate processes. We work hard and we care but somehow end up with groups and committees. We plan more than we ship.”
Greg Solano, Yuga Labs Co-Founder and CEO
Solano noted that some of the company’s plans have already begun to be implemented. Yuga’s CEO stated that Farawaygg, the web3 game development firm that Yuga used to develop its Dookey Dash game and which recently acquired web3 games HV-MTL and Legends of the Mara, will allow Yuga to focus on creating 3D Otherside games.
On Feb. 21, Solano thanked former Yuga CEO Daniel Alegre and announced that he would take over his post. In the message, he added that he is “reinvigorated to be taking the reins for our next chapter” in the startup’s story.
In October 2023, Yuga Labs announced it was laying off employees from its U.S. team as part of a broader restructuring. The company decided to focus its force on developing Otherside, a gaming metaverse.