Yuga Labs, the company responsible for the popular Bored Ape Yacht Club, is undergoing another restructuring due to changes in the market. CEO Greg Solano described it as a challenging day, particularly for employees who learned about layoffs during a company-wide meeting. Solano, who took over as CEO two months ago, aimed to evaluate the company's operations.

He found that the company's original creative spirit was getting bogged down in complex corporate processes, resulting in excessive planning and reduced production. Although creator royalties were once thriving and energizing the ecosystem, the company is now facing difficulties. However, Solano reassured that a plan is already in motion.

He highlighted ongoing actions, such as the spinout of HV-MTL and Legends of the Mara. Yuga also handed game development responsibilities to Faraway, a collaborator. Additionally, the company's chief gaming officer, Spencer Tucker, transitioned to Faraway along with the mentioned properties. Yuga's main focus going forward is on developing the Otherside metaverse project.

Amidst the restructuring, Won Kim announced his appointment as Yuga's head of Brand Partnerships. Kim left his position as a co-founder at the Bored Room Ventures NFT fund and consulting agency to join Yuga.

The crypto community had a mixed response to Yuga's layoffs. While many supported Solano's actions, others criticized the decision, including someone identified as Ricefarmer, who claimed to be among those laid off. Yuga Labs, known for pioneering NFT collectibles, previously underwent restructuring and layoffs in October due to market changes. The company chose not to provide further comment on the matter.