Yuga Labs ‘lost its way’ as CEO says fed-up monkey NFT maker fired

Boring Monkey Boat Club Creator Yuga Labs continues its latest shakeup. Announcing the restructuring initiative On Friday, which is from A Last wave last October.

Yuga Labs co-founder Greg “Garga” Solano, Man He returned as CEO in FebruaryHe announced the news on Twitter on Friday, sharing screenshots of a Slack message sent to the team.

“I have a clear and honest explanation for everyone as to why I made this decision. Simply put: Yuga lost its way,” he wrote. “Centering ourselves and getting on track means becoming a smaller, more agile and crypto-native team. A team that does fewer things, but does them brilliantly.”

It's unclear how many locations are affected by the restructuring. Decrypt They went to Yuga's lab for an explanation, but didn't hear back right away.

Yuga Labs was founded in early 2021 and founded the Bored Up Yacht Club NFT Project on Ethereum Three years ago this week. Within months, a collection of 10,000 unique profile pictures (PFPs) NFTs started in price and became the biggest trading name in the space About $430,000 worth of ETH In April 2022 in secondary markets.

The startup expanded rapidly. He In March 2022, it collected 450 million dollars At a cost of 4 billion dollars and Influential CryptoPunks found NFT Project IP from creator Larva Labs. of ApeCoin (APE) Bored Monkey Ecosystem's crypto token, which is publicly announced to have been created by an independent foundation, has rewarded NFT holders (and Yuga Labs itself) with a huge windfall.

Yuga Labs got into the game hard with advertising other sidea metaverse game powered by NFT plots Hundreds of millions of dollars in sales At the end of April 2022. But following that sale, that was The design is criticized And the high net worth that followed, Bored Monkey's ecosystem faced various challenges.

NFTs recently fell at that price Less than 90% of the maximumAlthough Yuga Labs has many short test events, the other side has not yet started, and the company He sold some of the game IP that was created Earlier this month in an effort to refocus and adjust. After returning as CEO, Solano wrote, he saw an organization that had grown too large and underachieved.

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

There were about a dozen people around Yuuga when someone knocked on the door with great consideration. The custom of those days was just: ship only what pleases you, but do it like your knots are on fire.” he continued. “We've had our share of opportunities and moments of brilliance, but in many ways we've been playing the game on easy mode: creator royalties have prospered and electrified our entire ecosystem.”

He mentioned that Recent sales HV-MTL and Legends of the Mara gaming IP, and because of the market places said Refrain from honoring the creator's royalty payment In the last two years, they are now playing in “hard mode” and have to go from “zero to one”.

But Solano says he has a long-revealed plan, and he seems focused on staying lean and swinging few but fast.

“In UGA history, our biggest home runs have come in less than three months out of the blink of an eye,” he wrote.

Edited by Ryan Ozawa.