Greg Solano said that Yuga Labs lost its way and now the company is planning to re-create its new team.
Yuga Labs is an NFT project that introduced a series of NFTs on the prominent NFT trading platform OpenSea. Originating in 2021, the project swiftly gained significant attention. Subsequently, the team behind the project released a cryptocurrency token named “ApeCoin” with an NFT theme. For Ape coin, Yuga Labs faced huge criticism from prominent crypto enthusiasts.
Recently Greg Solano, the co-founder of Yuga Labs, said that he had a tough day and is committed to refocusing Yuga Labs on its original mission.
He said that the latest plan involves making difficult decisions, including letting go of talented team members.
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Furthermore, he said that he would create a new team, emphasising the need to return to the company’s core values and goals, even if it means making painful adjustments. Overall, the message indicates a period of transition and reevaluation within the company.
It is worth it to note that the majority of the people supported this bitter but good initiative.
Now it will be interesting to see what new announcements will come from this crypto project.
In the last bull cycle, NFT-related projects were part of the crypto trend but in this new bull run trend is different. In the present time crypto investors are talking about Artificial intelligence (AI) focussed crypto projects, Real-world asset (RWA) focussed crypto tokens, Web3, etc.
The current trade price of the Ape coin is $1.29 & this price is 1.2% higher over the last 24 hours.
We can see in the price chart that the trade price of this cryptocurrency showed a sudden pump, following the layoffs tweet by Yuga Labs co-founder.
Read also: Bitcoin hater Peter Schiff asks help from the Bitcoin community to fight against the IRS
Yuga Labs will layoff its employees, to hire new talents to follow fundamental goals
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