Top NFT developer Yuga Labs will reduce its workforce and focus on its core initiatives. The move comes amid the record market downturn currently battling the broad NFT space.

In an Oct. 6 mail, CEO Daniel Alegre explained why the company needed to restructure in light of the prevailing market conditions.

Yuga Labs’ Restructuring Plan

The CEO pointed out that the team had spread too thin by working on numerous projects, particularly those outside its expertise.

“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 restructure today impacts US team members, and we are actively reviewing the impact on our international teams,” Alegre said.

The exact number of affected employees was undisclosed. Furthermore, the company intends to provide comprehensive support to affected employees, including severance packages and recommendations.

Meanwhile, The CEO emphasized a strategic shift towards prioritizing partnerships and advancing key projects like Bored Apes. These endeavors will center around community development, particularly the Otherside project and various Web3 initiatives powered by Yuga Labs.

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Author: Oluwapelumi Adejumo

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