Greg Solano, Co-Founder and CEO of Yuga Labs has revealed plans for a significant restructuring within the company, a move that is expected to result in layoffs for some team members.
In a company memo, Solano described the current moment as “tough” and expressed a steadfast commitment to steering Yuga Labs back to its foundational principles.
He emphasized the necessity of making difficult decisions to achieve this objective.
Solano conveyed a sense of urgency, indicating that Yuga Labs had strayed from its original path and intends to recalibrate by creating a more streamlined, agile and crypto-centric team through the restructuring process.
Highlighting concerns about the encroachment of corporate bureaucracy on the company’s creative ethos, Solano lamented the proliferation of intricate processes and committees that have detracted from Yuga Labs’ core mission.
He stressed the importance of action over excessive planning, noting the disparity between intentions and execution.
As part of the restructuring efforts, Solano disclosed that Yuga Labs has already initiated certain measures, including leveraging the capabilities of Farawaygg, a web3 game development firm.
This strategic partnership will enable Yuga Labs to concentrate its efforts on the development of immersive 3D gaming experiences within the Otherside universe.
The announcement comes on the heels of Solano’s assumption of the CEO role following the departure of former CEO Daniel Alegre on February 21.
Solano expressed optimism about leading Yuga Labs into its next chapter.
This restructuring follows Yuga Labs’ previous announcement in October 2023, which outlined layoffs within its U.S. team as part of a broader strategic realignment.
The company’s decision to refocus its resources on the development of Otherside, a pioneering gaming metaverse, is a dedication to innovation and evolution within digital entertainment.
