Yuga Labs cuts employees, focuses on metaverse extension amid restructuring

Quick Take

  • Yuga Labs CEO Daniel Alegre announced employee reductions in a Friday memo. 
  • Amid company restructuring, Yuga will focus on its metaverse extension Otherside. 

Yuga Labs CEO Daniel Alegre announced a company restructuring and workforce reductions in a Friday memo

"After a recent period of thoughtful consideration, I have decided that we need to restructure the Yuga Labs teams," Alegre wrote in a blog post. "The implication of these changes is that a number of roles have been eliminated across the company, impacting some of your colleagues."

"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 added. "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."

The company will focus on growing its community and brand engagement, "going all-in" on the firm's metaverse extension Otherside and bolstering internal developments moving forward. 

Yuga's plummeting sales


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Despite bringing in millions in weekly sales volume earlier in the year, Otherside volumes have stagnated since April to see just $356,000 in sales in the first week of October, The Block's Data Dashboard shows. 

Yuga's blue-chip NFT project Bored Ape Yacht Club saw its floor price fall 62% this year from 69.49 ETH ($83,400) on January 1 to 26.19 ETH ($42,800) on Oct. 6. 

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About Author

MK Manoylov has been a reporter for The Block since 2020 — joining just before bitcoin surpassed $20,000 for the first time. Since then, MK has written nearly 1,000 articles for the publication, covering any and all crypto news but with a penchant toward NFT, metaverse, web3 gaming, funding, crime, hack and crypto ecosystem stories. MK holds a graduate degree from New York University's Science, Health and Environmental Reporting Program (SHERP) and has also covered health topics for WebMD and Insider. You can follow MK on X @MManoylov and on LinkedIn.


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