Yuga Labs, renowned for creating the Bored Ape Yacht Club (BAYC) NFT collection, is undergoing another major restructuring, coupled with layoffs, as announced by CEO and co-founder Greg Solano.

This development, disclosed on April 26 via the X platform, marks the second significant organizational change within just over six months.

Solano, who assumed the CEO role in February, expressed that the day of the announcement was challenging, acknowledging that the company had veered off its original path and now seeks to realign with its core values.

A Reflective Turnaround "We've had to take real stock of where the company is," Solano stated, pinpointing the departure from the creative-first spirit that initially defined Yuga Labs.

He criticized the complex corporate processes that have diluted the company's innovative essence, emphasizing the need to cut through the bureaucratic red tape to regain its foundational ethos.

Solano's critique comes amidst a backdrop of challenges, particularly with the adjustments in NFT royalties by leading marketplaces, which have significantly impacted Yuga Labs.

Strategic Overhaul As part of the restructuring efforts, Solano highlighted vital moves, including the spinout of HV-MTL and Legends of the Mara. These steps aim to consolidate the company's gaming ventures, mainly focusing on the 3D Otherside project.

Solano assured that more details on the restructuring plan would be unveiled soon, hinting at a comprehensive strategy to navigate the current challenges.

In a related development, Won Kim announced his new role as Head of Brand Partnerships at Yuga Labs just hours before the restructuring announcement.

While it remains unclear if Kim's appointment is a direct result of the strategic overhaul, his background as a co-founder of Bored Room Ventures suggests a strong alignment with Yuga Labs' renewed focus on creativity and strategic partnerships.

The Path Ahead With these changes, Yuga Labs strives to recalibrate its direction and operations. The company's acknowledgment of having "lost its way" and the decisive steps towards restructuring reflect a deeper understanding of the challenges and a commitment to overcoming them.

As Yuga Labs embarks on this new chapter, the wider web3 and NFT community will be watching closely, anticipating the impact of these changes on the company's future endeavors and the broader NFT landscape.