NFTs creator Yuga Labs joins crypto sector layoffs spree amid challenges
livemint.comCEO Daniel Alegre informed employees about the changes, stating that his six-month tenure at the company revealed the need for streamlining. “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," said Alegre in the email, which was published online by Yuga. As per the agency report, a Yuga spokesperson chose not to disclose the exact number of affected employees.
Co-founder Greg Solano, in a post on X (formerly Twitter), mentioned that the company still retains over 120 staff members. Yuga, established in 2021, reached a valuation of $4 billion following a $450 million funding round in March the previous year. Alegre, a former president of the gaming industry heavyweight Activision Blizzard, pointed out that the company had experienced challenges with the launches of its video game ventures due to its in-house development approach.
He also highlighted a lack of significant progress in the development of Otherside, the planned metaverse platform that was initially announced in 2022. This announcement comes in the wake of a string of layoffs within the crypto industry. Just last Thursday, crypto hardware company Ledger reduced its workforce by 12%.
Read more on livemint.com
