Dapper Labs Makes Third Round of Layoffs in Just 9 months amid NFT Dip
NFT collectibles firm Dapper Labs has fired another 51 staff members only a few months following its 20% employee reduction in February.
Gharegozlou noted that this move is a tough but necessary decision to provide the best services for fans and improve the community. The cut reveals a 12% decrease in the firm's employees, according to data from Growjo.com.
Dapper Labs Announces its Third Round of Cuts in a YearOn July 13, the company's CEO Roham Gharegozlou announced on Twitter that the firm had laid off 51 brilliant friends and colleagues.In a note to his staff, Gharegozlou stated that the latest round of layoffs also involves full-time staff and C1 contractors.
We said goodbye to 51 brilliant colleagues and friends today @dapperlabs - this is the note I sent our team.
We remain fully dedicated to our core communities and committed to building amazing products that push the world forward together.
If you're looking to hire some of the... pic.twitter.com/xwhjZAYLN8
- roham (@roham) July 13, 2023
He noted that the decision was very tough because of the people affected, adding that it was necessary and the right step to take. This was to provide a lead and efficient firm.
Moreover, Gharegozlou reiterated that the company was still well capitalized" before stating that the restructuring would help make the business lean.This will help the company make the right decisions for its fans and expand its communities in the most helpful ways possible.
Data from Growjo.com revealed that this cut indicates a 12% decline from the company's initial staff population.
Also, this layoff represents the third staff cut by the firm in less than one year, after its 22% decline in employees in November 2022 and its 20% downsizing in February 2023.
The Dapper Labs PlatformDapper Labs is a popular NFT collectible known for creating NFT collectibles like NBA Top Shot and CryptoKitties.
The company's move comes during the broader downsizing in the NFT market and trading. It's worth noting that Cointelegraph had initially announced that NFT markets were declining as sellers dominated the market.
Notably, several Ethereum NFT collections have recorded significant floor price declines in the past months.
A renowned sport, NFT pundit, and commentator Clegainz tweeted about the matter. He noted that the move wasn't a huge shocker considering the present state of the Web3 industry and the macroeconomic environment.
The commentator added that Dapper Labs was the only crypto firm to observe a decline, as many other Web3 firms had faced a similar situation recently.
The NFT market has been struggling and has not been the same since the FTX incident as other sections of the crypto-verse.
Dune had previously published a post on its official website, noting that NFT users and sales volume continue to downsize as the trading volume is struggling.
Bored Apes, a blue chip NFT not developed by Dapper Labs that is used to measure the NFT collection market health, has recorded an 80% decline in the value of some of Apies.
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