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Tag: Yuga Labs

  • Yuga Labs CEO announces layoffs, focusing on ‘getting back to roots’

    Yuga Labs CEO announces layoffs, focusing on ‘getting back to roots’

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    Yuga Labs will restructure, expecting to result in team members’ layoffs.

    Company Co-Founder and CEO Greg Solano presented a company memo announcing the restructuring. In his statement, he called today “tough.”

    “I am hellbent on transforming Yuga and getting us back to our roots, and that means making hard decisions.”

    Greg Solano, Yuga Labs Co-Founder and CEO

    In a message to the team, Solano noted that Yuga Labs had lost its way and that it intends to create a smaller, more flexible, and crypto-focused team with the restructuring.

    “The creative-first spirit that dove this company from inception has been getting muddied by labyrinthine corporate processes. We work hard and we care but somehow end up with groups and committees. We plan more than we ship.”

    Greg Solano, Yuga Labs Co-Founder and CEO

    Solano noted that some of the company’s plans have already begun to be implemented. Yuga’s CEO stated that Farawaygg, the web3 game development firm that Yuga used to develop its Dookey Dash game and which recently acquired web3 games HV-MTL and Legends of the Mara, will allow Yuga to focus on creating 3D Otherside games.

    On Feb. 21, Solano thanked former Yuga CEO Daniel Alegre and announced that he would take over his post. In the message, he added that he is “reinvigorated to be taking the reins for our next chapter” in the startup’s story.

    In October 2023, Yuga Labs announced it was laying off employees from its U.S. team as part of a broader restructuring. The company decided to focus its force on developing Otherside, a gaming metaverse.

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    Anna Kharton

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  • Yuga Labs, Magic Eden unveil Ethereum NFT marketplace

    Yuga Labs, Magic Eden unveil Ethereum NFT marketplace

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    Yuga Labs, the creators of Bored Ape Yacht Club and Magic Eden, are collaborating to launch an Ethereum NFT marketplace that will ensure creators receive their right royalties.  

    In a statement shared on their X platform, Magic Eden expressed enthusiasm for collaborating with Yuga Labs and their joint efforts in building an ETH marketplace. They emphasized the importance of supporting creators, as they believe that without them, web3 cannot thrive. 

    This partnership aims to prioritize the rights of creators by ensuring they receive their exact royalties from NFT sales. Together, they aim to strengthen the digital collectibles ecosystem by fostering creativity and innovation.

    Via this collaboration, there will be an obligation where Magic Eden will be responsible for sharing a portion of secondary market sales proceeds from their NFT collections with Yuga Labs. 

    Yuga Labs’ stance on OpenSea and royalty enforcement

    Yuga Labs has recently taken a position regarding OpenSea and royalty enforcement. They have decided to reduce their support for OpenSea due to OpenSea’s announcement about discontinuing its own chain royalty enforcement tool called Operator Filter. 

    Introduced in November 2022, the Operator Filter allowed creators to restrict sales of their NFTs to platforms that offer royalties. The intention was to filter out platforms that didn’t adhere to these principles, including ones like Blur.

    However, OpenSea surprised everyone by revealing in August that they would be “sunsetting” the Operator Filter. 

    Bored Ape Yacht Club’s performance amidst challenges 

    The NFT market encountered challenges in August, experiencing its lowest transaction volumes in two years. There was a decrease in the number of active participants trading NFTs.

    Despite struggles faced by the NFT market, the floor price of BAYC NFTs increased on Oct. 30, reaching 30 ETH.  

    Magic Eden’s Solana-powered cNFTs

    Magic Eden is expanding its support for the Solana-powered compressed NFTs (cNFTs). The cNFTs feature make it easier for creators to mint NFTs on the Solana network.

    Magic Eden grabbed headlines by supporting BRC 20 tokens on its Chain platform. The company believes that supporting cNFTs is a game-changing feature that will significantly impact the world of digital collectibles. At a time when NFT trading volume is facing challenges, Magic Eden’s approach has the potential to inject vitality into the market.


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    Ogwu Osaemezu Emmanuel

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  • Jimmy Fallon, Madonna Among Celeb NFT Endorsers Named in Suit Against Yuga Labs

    Jimmy Fallon, Madonna Among Celeb NFT Endorsers Named in Suit Against Yuga Labs

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    Opinions expressed by Entrepreneur contributors are their own.

    Jimmy Fallon, Madonna, and Justin Bieber are just a few of the celebrities named in a class-action lawsuit alleging they hoodwinked fans into buying Bored Ape Yacht Club NFTs and other Yuga Labs products. The suit claims celebrities lied about the non-fungible token’s value, making them seem like great investments. This allegedly prompted people to buy “losing investments” at “inflated prices.”


    Noam Galai | Getty Images

    The lawsuit was filed on behalf of plaintiffs Adam Titcher and Adonis Real on Thursday by Scott+Scott Attorneys. It covers Yuga Labs NFT purchases made between April 2021 through today.

    Coindesk has more details:

    Titcher purchased Mutant Ape Yacht Club #1984 in August 2021 for 5.3 ETH (about $17,000 at the time) and minted Otherdeed for Otherside #16235 on OpenSea in April, while Adonis purchased an undisclosed amount of ApeCoin on Coinbase. According to the filing, both men purchased the assets “in reliance on the misleading promotions” from Yuga Labs and a number of celebrities, resulting in “investment losses.”

    The plaintiffs say they lost money due to the way Yuga Labs — and Bored Ape Yacht Club talent rep Guy Oseary — promoted and sold the products.

    In addition to Fallon, Madonna, and Bieber, the suit also targets a laundry list of famous names, including Gwyneth Paltrow, Paris Hilton, Serena Williams, Post Malone, Diplo, Snoop Dogg, Kevin Hart, Steph Curry, Future, The Weekend, DJ Khaled, Adidas, Reddit co-founder Alexis Ohanian and NFT artist Beeple.

    This court action comes on the heels of a California court decision dismissing a lawsuit filed on similar grounds against Kim Kardashian and Floyd Mayweather for promoting the EthereumMax token. In that case, the judge said plaintiffs didn’t prove they’d seen the celebrities’ promotional activities, but could re-file later if they turned up new evidence.

    Read the full “Real v. Yuga Labs” 95-page class action complaint here.

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    Steve Huff

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