Yuga Labs, the company behind the Bored Ape Yacht Club (BAYC) non-fungible token (NFT), is reducing its workforce, according to co-founder Greg Solano. In a message to employees on social media platform X, Solano explains that the company will be making changes and as a result, some employees will be laid off. Solano admits that Yuga Labs lost its way and that the restructuring is necessary to get the company back on track. The recent sale of the intellectual property rights of HV-MTL and Legends of the Mara to gaming firm Faraway is part of the plan to help Yuga Labs regain its success. This will allow the company to focus more on its metaverse project, Otherside. Solano assures that more aspects of the plan will be announced soon, as the company moves towards becoming a smaller and more efficient team.