Yuga Labs, the VC-backed NFT startup behind Bored Ape Yacht Club and CryptoPunks, is the latest crypto company to implement layoffs.
CEO Daniel Alegre detailed the restructuring of teams in an email to staff on Friday, according to a post on Yuga’s website.
It is unclear how many employees are affected. The release said the layoffs affected the company’s U.S. teams. Yuga Labs did not immediately respond to a request for comment on the layoffs.
“It is a challenging time, not only for our sector, but also for the global economy. We must remain focused on our core strengths as we continue to create unique, engaging experiences for the broader Yuga audience. The restructuring is impacting U.S. team members today, and we are actively investigating the impact on our international teams,” Alegre wrote.
Alegre joined Yuga as CEO about six months ago. He was previously president and chief operations officer at Activision Blizzard.
“I quickly realized that there were a number of projects that, while well intentioned, spread the team too thin or required execution expertise beyond our core competencies,” Alegre wrote.
As part of the changes, the company will focus on Otherside, Yuga’s gamified metaverse.
“Every continued digital connection will be part of and enhance Otherside’s evolution. This includes gaming, entertainment experiences, interactive social connections and a range of unique initiatives from Eric Reid and his team,” he said.
Otherside will also begin releasing “regular development updates” in the coming weeks.
Additionally, Yuga plans to “continue to build complementary, long-term partnerships that will help us realize our mission of building culture on the blockchain.”