Forkast Labs Reportedly Lays Off Editorial Staff in Merger with CryptoSlam
Forkast Labs has reportedly laid off most of its editorial staff as part of its merger with data provider CryptoSlam, according to insider sources. The merger between Forkast.News and CryptoSlam took place in January, resulting in the formation of a new brand called Forkast Labs, which aims to be a “Web3-focused data intelligence and media platform.” However, Forkast.News ceased publishing articles and videos last month, and its website now states that it is now Forkast Labs.
Insiders have revealed that the news site underwent layoffs this year and decided to suspend editorial operations at the end of November. In an internal memo shared with staff, the company stated that the majority of editorial operations have been integrated into Forkast Labs following the merger. The focus will now shift towards launching new data products.
CryptoSlam, a non-fungible token (NFT) data tracker, was established in 2018 and raised $9 million in funding in January 2022. Yat Siu, founder and executive chairman of Animoca Brands, facilitated the merger between CryptoSlam and Forkast.News. Forkast.News was founded in 2018 and raised $1.7 million in seed funding in 2021. In March, Forkast Labs released a series of indices, including the Forkast 500 NFT Index.
This news follows CoinDesk’s layoff of 45% of its editorial staff in August before being acquired by Bullish, a crypto exchange led by former NYSE President Tom Farley.
Hot Take: Consolidation Continues in Crypto Media
The recent layoffs at Forkast Labs highlight an ongoing trend of consolidation within the crypto media industry. As companies strive to adapt to the rapidly evolving crypto landscape, mergers and acquisitions have become a common strategy. By combining resources and expertise, these companies aim to create stronger and more comprehensive platforms that can provide valuable insights and data to crypto enthusiasts. However, the downside of this consolidation is the loss of jobs within the editorial sector. As the industry continues to mature, it will be interesting to see how these media organizations evolve and innovate to stay relevant in the ever-changing world of crypto.
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