Greg Solano announced a firm reorganization plan through a series of tweets and Slack messages. The main objective is to establish a smaller and more adaptable workforce. Yuga Labs, the creator of Bored Ape Yacht Club (BAYC) NFTs, revealed this restructuring, with Solano, a co-founder and the newly reinstated CEO, sharing the news.

Solano emphasized the need for a lean and agile team in alignment with crypto-native values to bring the firm back to its original size and operational roots. Given the ever-changing digital asset industry, this adjustment is crucial for Yuga Labs to reclaim its status as an innovative company.

Adapting to New Market Realities

In light of past layoffs in October last year, another round of job cuts is part of the reorganization strategy. The goal is to significantly reduce staff to enhance operational efficiency, though the exact number of affected positions was not specified.

Solano's vision is to return the company to its early days as a small yet effective group capable of making quick decisions. By scaling back amidst rapid growth and realigning focus on essential projects that align with the company's core objectives, these actions aim to simplify operations and drive progress.

Following a period of rapid expansion, Yuga Labs faces the need for reorganization. Market shifts have occurred since the firm's $450 million raise in March 2022, when it reached a valuation of $4 billion. The situation has been exacerbated by the decline in ApeCoin's value and the negative trend in the broader NFT market.