Yuga Labs Layoffs = More Crypto-Native Innovation and Success (Hopefully?)

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Right here’s a scorching take to begin off ya Monday:

It’s simpler for a web2 firm to maneuver into web3 than a web3-native firm to search out related success in its personal trade.

We’ve written about this earlier than once we noticed firms like Nike transfer into web3, or when Gucci began accepting ApeCoin.

And right this moment we’re right here with one other instance (this time it’s disappointing information, however there might be mild on the finish of the tunnel).

ICYMI: round a yr in the past, Yuga Labs (the staff behind NFT tasks like Bored Ape Yacht Membership) employed the Harvard-educated, ex-CEO of Activision Blizzard, Daniel Alegre.

Six months later, a slew of layoffs had been made at Yuga.

Then, in February this yr, co-founder Greg Solano took over as CEO.

Now, Solano has introduced a brand new spherical of layoffs, stating:

“To place it merely: Yuga misplaced its approach. Getting ourselves centered and on the correct path means being a smaller, extra agile and cryptonative staff,” and mentioning that Yuga’s authentic, artistic spirit has been partially squashed by “labyrinthine company processes.”

(A delicate jab on the earlier CEO’s administration fashion).

Right here’s the excellent news in all of this:

Yuga Labs nonetheless has a powerful staff and even stronger battle chest to assist them navigate a web2-dominated world.

And whereas we hate to see firms within the area laying of us off, it occurs on a regular basis for web2 firms.

(This ain’t a uncommon occasion).

Right here’s hoping it leads to extra construction, extra course, and extra innovation from the Yuga Workforce.

Fingers crossed 🤞