‘Lost’ Yoga Labs restructured, layoffs, new CEO

Yuga Labs CEO Greg Solano had a “difficult day,” he shared with the world on X in a message to the company's employees. Some of those workers had an even worse day after the general meeting where layoffs were announced. Yuga has lost his way, Solano explained.

In a message to employees, Solano said that they had been reviewing the company in the two months since taking over as CEO, and the results were not satisfactory.

“The innovation-first spirit that has fueled this company since its inception is being wrangled by labyrinthine corporate processes. We work hard and worry, but somehow we end up in teams and committees. We plan more than we send.”

“Creator royalties were thriving and electrifying our entire ecosystem. We're in hard mode right now,” said Solano, but he has a plan.

Solano said some steps were taken in the restructuring, pointing to the defeat of HIV-MTL and Legend of Mara on April 17. Game developer Faraway, already a Yuga affiliate, acquired those assets and hired Yuga's chief game officer, Spencer Tucker. You boarded with them. In an April 26 message, Solano said Yuga will focus on developing its other Metaverse project.

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Prior to Solano's announcement, Won Kim announced on X that he had been appointed head of Yuga's production partnership. Kim was the co-founder of Bored Room Ventures, a nonfungible token (NFT) fund and consulting agency, which he left for Yuga, according to his LinkedIn profile.

The X crypto community reacted to the news of the layoffs. The response to Solano's post was overwhelmingly supportive.

And out came the trolls. “I was kicked out of @yugalabs. I was a Discord mod responsible for kicking out owners who said negative things about Yuga. I worked 2 hours a day for 200k, mostly fighting Milady PFPS and spamming GM,” wrote Ricefarmer. On their X page, they identified themselves as the founder of Ohio Labs.

Yuga pioneered NFT collections but struggled during the evolution of that market. In October, the company was restructured, with layoffs.

When reached by Cointelegraph for more information, Yuga Labs declined to comment further on the situation.

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