With layoffs, team reorganization, and strategic adjustments, how will Yuga Labs develop in the future?

Original Title: "Layoffs, Business Restructuring, Strategic Adjustments, Where Will Yuga Labs Go?"

Original Source: ODAILY Star Daily

Last week, Yuga Labs' leadership team made a significant decision regarding the project after a meeting in New York. Yuga Labs announced on their official Twitter account that their team will undergo restructuring to better focus on core priorities, but "these changes are necessary for the organization's development."

Redundancy and Team Restructuring

The encryption industry is a market that is highly connected to market trends. Layoffs are almost a standard feature of every encryption enterprise during a bear market. Yuga Labs, like other struggling companies in the bear market, has also started layoffs as scheduled.

The team stated that they have brought "some difficult news" to everyone, and the entire company will be canceling many roles. This restructuring will "affect many colleagues".

For colleagues who have been optimized, Yuga Labs states that they will be committed to providing all the necessary support, including generous severance pay, COBRA insurance, and assistance in finding new job opportunities. A meeting will be held today with affected employees in the United States to discuss with affected employees, their department heads, and the HR team.

And a phenomenon that is not so "Web3" is that off-chain practitioners are ultimately citizens of various countries in a legal sense, and layoffs naturally have national distinctions. Yuga Labs pointed out that "today's restructuring has affected US team members, and we are actively reviewing the impact on international teams." The official did not elaborate on the differences between the US team and the international team in the restructuring matter, and we can only wait for follow-up developments. But the official also made a preview, and will disclose more details at the upcoming all-hands meeting.

Meebits 、 10 KTF still have a chance?

And in this round of layoffs, the brands most affected may be 10 KTF and the acquired Meebits.

Official information shows that the teams behind the NFT projects Meebits and 10 KTF will be restructured. This also means that it will be difficult for these two NFT projects to have their own exclusive teams, and the collectibles from these two series may suffer a major blow.

After the restructuring, the Meebits and 10 KTF teams will become part of Otherside.

Despite Yuga Labs' statement that "this does not mean the brand's creative narrative opportunities have disappeared, there is still much to be done in Otherside," the brand value of these two series will still be affected.

Regarding the future of these two NFT series, Yuga Labs stated that "Meebits is a series designed for the metaverse, while the 10 KTF store will ultimately have a permanent home."

未来如何发展？

translates to

How will the future develop?

Yuga Labs' straightforward explanation is that its team will be restructured to better focus on "core priorities." So what are these priorities?

As a practitioner in the encryption industry, I will translate the following Chinese text to English without considering the context, industry-specific terms, or names. English words and phrases, as well as capitalized English words and phrases, will not be translated or abbreviated, such as ZKS, STARK, and SCROLL. If there are English characters in an a tag, they will not be translated and will be returned directly. When the content only contains punctuation marks, the punctuation marks will be returned as is. HTML tags in the content, such as

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In the information disclosure, the team provided three directions:

1. Committed to community expansion, growth, and brand interaction;

2. Fully implement the Otherside strategy, including unique measures such as games, entertainment experiences, interactive social connections, etc.

3. Internal development work focuses on a few core things and continues to establish complementary long-term partnerships.

As for its two major communities, future plans have also been provided.

BAYC Community: The team will support the expansion of "Made by Apes" and other projects aimed at enhancing member capabilities. The team understands the importance of the "early BAYC atmosphere" and is committed to maintaining this energy while continuing to cultivate the culture and creativity of the community.

Regarding specific implementation, ApeFest Hong Kong will be held in the next few weeks. Additionally, an important, multifunctional, and sustained gaming experience will be brought to users in 2024.

CryptoPunks Community: The team will invest resources to solidify and celebrate the cryptographic art legacy of this series through education (including an upcoming book). They will improve and simplify the Punks application and continue to create engaging experiences.

Otherside will be a development focus

Meebits and 10 KTF teams have been merged into Otherside, which is also a key development direction for the future. The official statement indicates that the Otherside team will establish new gaming experiences through third-party partnerships in 2024.

It is expected that the Otherside platform will be showcased in 2024. Prior to this, the development of Otherside has been relatively low-profile. The official statement indicates that in order to address this issue, regular development updates will be provided in the coming weeks.

In addition, more partnership relationships will be developed. Recently, Yuga Labs announced stable partnership relationships, including Hadean, Bad Rhino, OMA 3, Accelbyte, Faraway, and others. In the future, brand partnership relationships will continue to be established, including partnerships with Gucci, A Bathing Ape, and others, to expand new participation opportunities within the serviced community.

过去的路走窄了？

translates to

The past path has become narrow?

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