Dapper Labs Makes Further Job Cuts Amidst NFT Market Downturn
Dapper Labs, the company behind popular NFT projects such as CryptoKitties and NBA Top Shot, has announced its third round of layoffs in the past year. CEO Roham Gharegozlou confirmed on Twitter that 51 staff members have been let go due to the prolonged downturn in the NFT market.
Key Points:
– Dapper Labs has been hit hard by the crypto winter in the NFT market, leading to a decrease in sales volume and users on NFT marketplaces.
– This is the third time the company has made job cuts in the past twelve months, having previously laid off 20% of its staff in February and 22% in November.
– Gharegozlou stated that the restructuring will allow the company to focus on growing its communities and serving its fans in a more sustainable way.
– The NFT market as a whole has struggled to recover like other parts of the crypto economy, with some blue chip NFT collections experiencing significant drops in value.
– Bored Apes, a popular NFT collection, has seen the value of some of its tokens plummet by as much as 80%.
In conclusion, Dapper Labs’ latest round of layoffs reflects the ongoing challenges faced by the NFT market. While the company remains committed to its fans and communities, the current downturn has necessitated a restructure to ensure long-term sustainability. The future of the NFT market remains uncertain, but it is clear that adjustments need to be made in order to weather the crypto winter.
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