Forkast Labs Lays Off Editorial Staff After CryptoSlam Merger
Forkast Labs has made the decision to lay off a majority of its editorial staff following its merger with data provider CryptoSlam. The crypto news site has undergone a series of layoffs throughout the year, leading to the suspension of editorial operations by the end of November. In January, Forkast.News merged with CryptoSlam to create Forkast Labs, a Web3-focused data intelligence and media platform. However, the site has stopped publishing articles and video content, with the latest article dated November 22. According to an internal memo, Forkast Labs will now focus more on the data side of operations. The company is dedicated to exploring new frontiers in Web3, NFTs, and the metaverse.
The Merger and New Focus
Forkast.News merged with CryptoSlam in January to form Forkast Labs. Following the merger, there have been ongoing layoffs at the company throughout the year. Eventually, this led to the decision to suspend editorial operations by November. Forkast Labs is now focused on data intelligence and exploring new trends in Web3, NFTs, and the metaverse.
Background on Forkast Labs
Forkast Labs unveiled a suite of indices earlier this year, including the Forkast 500 NFT Index, showcasing its commitment to digital trends. It also formed a partnership with The Sandbox for metaverse indexing. Founded in 2018, Forekast.News previously raised a $1.7 million seed round in 2021.
The CryptoSlam Merger
CryptoSlam, a non-fungible token data tracker established in 2018, secured $9 million in funding earlier this year. The merger between CryptoSlam and Forkast.News was orchestrated by Yat Siu, founder and executive chairman of Animoca Brands. Forkast.News is also part of the Animoca portfolio.
Industry Restructuring
CoinDesk, another crypto news outlet, underwent significant restructuring in August, including laying off 45% of its editorial staff. It was subsequently sold to Bullish, a crypto exchange led by former NYSE President Tom Farley. These recent developments highlight the challenges faced by crypto news sites in the ever-changing industry.
Hot Take: Forkast Labs Pivots to Data Focus
Forkast Labs’ decision to lay off its editorial staff after the merger with CryptoSlam signals a shift in focus towards data intelligence. With a new emphasis on exploring Web3, NFTs, and the metaverse, Forkast Labs aims to stay at the forefront of digital trends. While this move may be disappointing for fans of Forkast.News’ editorial content, it reflects the evolving nature of the crypto industry and the need for companies to adapt their strategies. As other crypto news outlets face similar challenges and undergo restructuring, it remains to be seen how these changes will shape the future of crypto journalism.
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