NFTX

Yuga Labs CEO Daniel Alegre revealed company restructuring and workforce cutbacks in a Friday X <a href="http://gatxuwwydffhn4sk64f6h3x6uvucrgmr6bxj4japt2mmg5qi5vrqlqne" rel="noopener noreferrer nofollow">post</a>.&nbsp;
<h2 id="span-style-font-weight-400-yuga-labs-fires-employees-span">Yuga Labs Fires Employees</h2>
Alegre wrote: “After a recent period of thoughtful consideration, I have decided that we need to restructure the Yuga Labs teams,” he added: 
“The implication of these changes is that a number of roles have been eliminated across the company, impacting some of your colleagues.”
As per the report by <a href="https://www.theblock.co/post/255243/yuga-labs-cuts-employees-focuses-on-metaverse-extension-amid-restructuring" rel="noopener noreferrer nofollow">The block</a>, the company is anticipated to shift its focus towards community and brand engagement, doubling down on its metaverse extension, Otherside, and strengthening internal development efforts.
<h3 id="span-style-font-weight-400-focus-on-other-priorities-span">Focus on Other Priorities</h3>
The CEO noted: “When I joined Yuga six months ago, my first priority was to lay out a clear vision that focused our team on the creative storytelling and community building that is at the core of Yuga,” Alegre added. 
“I realized very quickly that there were a number of projects that, while well-intentioned, either spread the team too thin or required execution expertise beyond our core competencies.”
<h2 id="span-style-font-weight-400-slow-revenue-of-yuga-labs-span">Slow Revenue of Yuga Labs</h2>
According to The Block’s Data Dashboard, the platform generated a mere $356,000 in sales during the initial week of October. Although Otherside experienced substantial weekly sales earlier this year, its sales volume has plateaued since April.&nbsp;
<a href="https://thecoinrise.com/yuga-labs-brings-activision-blizzards-coo-daniel-alegre-as-ceo/" rel="noopener noreferrer nofollow">Yuga Labs appointed Daniel Alegre</a> to the position of CEO back in December last year after it was discovered that <a href="https://thecoinrise.com/sec-probes-yuga-labs-for-securities-violations/" rel="noopener noreferrer nofollow">the regulatory agency was looking into</a> whether the cryptocurrency business violated federal law by issuing NFTs that function like stocks.&nbsp;
<h3 id="span-style-font-weight-400-withdrawal-of-support-for-opensea-s-seaport-span">Withdrawal of Support for OpenSea’s Seaport</h3>
In a statement made back in August, Alegre declared its intention to <a href="https://thecoinrise.com/yuga-labs-plans-to-exit-support-for-opensea-over-its-new-policy/" rel="noopener noreferrer nofollow">withdraw full support for Opensea’s Seaport</a> by February 2024. This move was framed as a protest and direct response to Opensea’s proposed discontinuation of the Operator Filter, a critical tool that ensures the enforcement of creator royalties. This withdrawal followed an earlier <a href="https://thecoinrise.com/four-nft-marketplaces-barred-from-yuga-labs-sewer-pass-mint/" rel="noopener noreferrer nofollow">decision by the company to prohibit</a> entities such as Blur, SudoSwap, LooksRare, and NFTX from participating in the minting of its Sewer Pass at the beginning of the year.
The post <a rel="noopener noreferrer nofollow" href="https://thecoinrise.com/yuga-labs-cuts-workforce-details/">Yuga Labs Cuts Workforce: Details</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://thecoinrise.com">Latest News and Insights on Blockchain, Cryptocurrency, and Investing</a>.

Yuga Labs Cuts Workforce: Details

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