Dapper Labs Cuts 22% of Employees as NFT Market Craters

One of many largest names within the Non Fungible Token (NFT) trade is dramatically lowering its headcount because the crypto bear market continues to take a toll on Web3 firms.

Dapper Labs, which created the NFT market NBA High Shot, introduced at this time that it’s shedding 22% of its employees, citing the “macroeconomic surroundings.”

“These reductions are the very last thing we wish to do, however they’re needed for the long-term well being of our enterprise and communities. We all know web3 and crypto is the longer term throughout a large number of industries – with 1000x potential from right here by way of mainstream adoption and influence – however at this time’s macroeconomic surroundings means we aren’t in full management of the timing,” Dapper Labs Founder and CEO Roham Gharegozlou wrote in a weblog put up.

Gharegozlou wrote that the agency grew too quick, which prevented it from being “as aligned, nimble and community-driven as we should be.”

“The refocusing of our group will allow us to obtain each milestone sustainably: web3-native, mobile-first, and community-driven,” Gharegozlou wrote.

On the similar time, on-chain knowledge reveals that market curiosity in Dapper Labs’ merchandise is declining, following a broader development of traders shying away from NFTs. On NBA High Shot, October gross sales quantity got here in at $2.6 million, down from $40.8 million throughout the identical time final 12 months. Through the top of NFT mania, the NBA High Shot market generated $224 million price of NFT trades in February 2021 throughout 80,822 distinctive patrons and 1.2 million transactions.

It is a comparable story for its just lately launched NFL All Day collectibles market, which posted a quantity of $6 million in October, down from $14 million a month prior.

Dapper Labs’ layoffs are simply the most recent in a variety of headcount reductions throughout the trade. In latest weeks corporations like BitMEX, Digital Forex Group (DCG), and NYDIG, have all trimmed headcount so as to climate the bear market.

DCG is the dad or mum firm of CoinDesk, in addition to digital asset supervisor Grayscale Investments and crypto brokerage Genesis Buying and selling.

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