The web3 giant Yuga Labs’ co-founder, Greg Solano, released the company memo saying it had to let go of several team members on Friday.
Greg Solano, who became the company’s CEO in February, has posted on X, saying, “Really tough day today,” referencing the restructuring announcement.
Greg continues, “I am hellbent on transforming Yuga and getting us back to our roots, and that means making hard decisions. By far the hardest is saying goodbye to some talented team members.”
Yuga Labs “lost its way,” according to Solano’s statement, and the company will now concentrate on assembling “a smaller, more agile and crypto-native team.”
During his two months as CEO, Solano stated, “I’ve had to take real stock of where the company is at.” Solana added that the company’s founding principle of being creative first has been soiled by convoluted business procedures. Despite their best efforts and sincerity, they somehow wind themselves in committees and groups.
Solana highlighted the initiation of their plans, with Yuga’s CEO mentioning the involvement of Farawaygg, a web3 game development company.
Farawaygg’s recent acquisitions, HV-MTL and Legends of the Mara, will enable Yuga to concentrate on 3D Otherside game development. Further details of the plan are forthcoming, Solano added.
