Yuga Labs, the studio behind the Bored Ape Yacht Club (BAYC) NFT collection, has announced a staff restructuring and staff reduction. The company did not disclose the number of layoffs.
Yuga Labs co-founder Greg Solano said that after the restructuring, the studio employs more than 120 employees.
Yuga Labs CEO Daniel Alegre, who joined the team in December 2022, said that this forced decision will allow him to better focus on the studio’s main priorities.
The company’s key focus is the Otherside metaverse, launched in spring 2022. Alegre promised project participants a “new gaming experience” in 2024. Among other things, Yuga Labs will focus on community development.
“This is a difficult time not only for our industry, but also for the global economy. We must focus on our core strengths and continue to create immersive experiences for large audiences,” the studio head wrote.
Fired employees will be provided with a “generous” severance pay and assistance in finding a new job.
According to The Block, weekly trading volume for Otherdeeds non-fungible tokens was $20 million back in April, but in October it dropped to $356,000.
In July, the rare NFT BAYC #3953 was sold for 200 ETH (~$372,000 at the time of the transaction), which is much less than its peak.
In August, NFT BAYC #8585 was purchased for a record low of 153 ETH (about $254,000). The asset lost 80% in value in 11 months.
Let us recall that in September the ApeCoin (APE) community supported the allocation of $12 million to create a new NFT collection.
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