TL; DR
Full story
Here’s a fun version to start your Monday with:
It is easier for a web2 company to move to web3 than for a web3-native company to achieve similar success in its own industry.
We’ve written about this before when we saw companies like Nike move to web3, or when Gucci started accepting ApeCoin.
And today we are here with another example (this time it’s disappointing news, but there may be light at the end of the tunnel).
ICYMI: About a year ago, Yuga Labs (the team behind NFT projects like Bored Ape Yacht Club) hired Harvard-educated, ex-Activision Blizzard CEO Daniel Alegre.
Six months later, a series of layoffs followed at Yuga.
Then, co-founder Greg Solano took over as CEO in February of this year.
Now Solano has announced a new round of layoffs, stating:
“To put it simply: Yuga has lost his way. Centering ourselves and putting ourselves on the right path means being a smaller, more agile and cryptonative team,” noting that Yuga’s original, creative spirit has been partially stifled by “labyrinthine business processes.”
(A subtle nod to the management style of the previous CEO).
Here’s the good news in all of this:
Yuga Labs still has a strong team and an even stronger war chest to help them navigate a web2-dominated world.
And while we hate to see companies in the space lay off people, it does happen always for web2 companies.
(This is not a rare occurrence).
I hope this results in more structure, more direction and more innovation from the Yuga team.
Fingers crossed 🤞
