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Here’s a hot take to start off ya Monday:
It’s easier for a web2 company to move into web3 than a web3-native company to find similar success in its own industry.
We’ve written about this before when we saw companies like Nike move into web3, or when Gucci started accepting ApeCoin.
And today we’re here with another example (this time it’s disappointing news, but there could be light at the end of the tunnel).
ICYMI: around a year ago, Yuga Labs (the team behind NFT projects like Bored Ape Yacht Club) hired the Harvard-educated, ex-CEO of Activision Blizzard, Daniel Alegre.
Six months later, a slew of layoffs were made at Yuga.
Then, in February this year, co-founder Greg Solano took over as CEO.
Now, Solano has announced a new round of layoffs, stating:
“To put it simply: Yuga lost its way. Getting ourselves centered and on the right path means being a smaller, more agile and cryptonative team,” and mentioning that Yuga’s original, creative spirit has been partially squashed by “labyrinthine corporate processes.”
(A subtle jab at the previous CEO’s management style).
Here’s the good news in all of this:
Yuga Labs still has a strong team and even stronger war chest to help them navigate a web2-dominated world.
And while we hate to see companies in the space laying folks off, it happens all the time for web2 companies.
(This ain’t a rare event).
Here’s hoping it results in more structure, more direction, and more innovation from the Yuga Team.
Fingers crossed 🤞
