Yuga Labs Announces Restructuring: CEO Daniel Alegre’s Message

Yuga Labs undergoes major restructuring as CEO, Daniel Alegre, announces significant changes.

In a recent internal email, Yuga Labs CEO Daniel Alegre has unveiled a comprehensive restructuring plan for the company. Here’s what you need to know:

A Difficult Decision

Alegre started by acknowledging the difficulty of the situation and the impact it would have on some employees. He emphasized the need for transparency and explained the rationale behind the changes.

Refocusing on Core Competencies

Alegre, who joined Yuga Labs six months ago, expressed his commitment to refocusing the company on creative storytelling and community building. He conducted an in-depth analysis of the company and identified projects that stretched the team too thin or fell outside their core competencies.

Prioritizing Key Initiatives

To enhance the quality of experiences for their communities and business, Yuga Labs will be concentrating their efforts on fewer key initiatives. They plan to collaborate with external partners to ensure the success of these projects.

Core Competencies Defined

The leadership team recently gathered in New York to define updated core competencies. Yuga Labs will:

1. Supporting Communities: Continue to amplify and support community growth and engagement with their brands.

2. Otherside Strategy: Invest heavily in the Otherside strategy, focusing on digital connections, gaming, entertainment, and interactive social experiences.

3. Strategic Partnerships: Forge long-term partnerships to advance their mission of building culture on the blockchain.

Impact on Communities

For some of Yuga Labs’ notable communities:

– Bored Ape Yacht Club (BAYC): Yuga Labs will expand projects like “Made by Apes” to empower club members globally. A major gaming experience is scheduled for 2024 and beyond.

– CryptoPunks: The team will continue to celebrate the crypto art legacy of the collection, with education and improvements to the Punks app.

– Meebits and 10KTF: These teams will merge with Otherside, offering exciting opportunities for these brands within the metaverse.

Otherside’s Future

The Otherside team will focus on creating new gaming experiences through third-party partnerships in 2024, showcasing the Otherside platform with live experiences for communities and partners.

Building in Public

To address concerns about transparency, Yuga Labs plans to provide regular development updates in the coming weeks.

Continued Partnerships

Yuga Labs has recently announced several partnerships and promises more to come. These partnerships are essential for rapid and effective growth, allowing Yuga Labs to focus on their strengths.

Supporting Departing Employees

Yuga Labs is committed to treating departing employees with respect and gratitude, providing generous severance, COBRA coverage, and assistance in finding new job opportunities.

Staying Focused

Alegre stressed that Yuga Labs must remain focused on its core strengths during this challenging time and continue to create unique and engaging experiences.

This restructuring primarily impacts US team members, with an assessment underway regarding its international teams.

Alegre concluded by expressing his belief that Yuga Labs will revolutionize how consumers and brands interact. He thanked the team for their dedication and passion and emphasized the company’s commitment to breaking new ground.

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