Yuga Labs, the renowned creator of the NFT project Bored Ape Yacht Club (BAYC), has announced a restructuring of the company and employee layoffs. CEO Daniel Alegre, who joined the company just six months ago, acknowledged that the company had taken on too many projects, losing sight of its primary focus. In particular, projects related to unsuccessful games had diverted the company’s attention. Yuga Labs has now learned the importance of not trying to do everything on its own and is therefore implementing a new internal structure that focuses on key projects such as BAYC and CryptoPunks. Other projects will either have their significance reduced or be shut down, and a certain number of employees will be laid off, although specific figures have not been disclosed.
In 2022, Yuga Labs was valued at an impressive $4 billion. As for the price statistics of BAYC apes that have been sold, the highest recorded sale was for a golden ape from the initial collection of 10,000 apes, which sold for a staggering $3.4 million. This goes to show the immense popularity and value of these unique NFTs.
TLDR: Yuga Labs, the creator of Bored Ape Yacht Club (BAYC), is undergoing a restructuring and employee layoffs due to the company’s excessive focus on unsuccessful projects. The company will now prioritize key projects like BAYC and CryptoPunks, while reducing the significance of other ventures. Yuga Labs was valued at $4 billion in 2022, and the highest recorded sale for a BAYC ape was $3.4 million.
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