According to recent news reports, Dapper labs, the business recognised for generating NFT collectibles like CryptoKitties and NBA Top Shot, is cutting the workforce by 51 employees which is followed by a twenty percent staff reduction in February.
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CEO of Dapper Labs Confirms Layoffs
As per the firm’s CEO Roham Gharegozlou’s announcement on July 13, the business officially bid farewell to “51 brilliant colleagues and friends.” In a note sent to staff members, he pointed out that the new round of layoffs includes full-time staff members as well as C1 contractors.
A ‘Lean’ Firm
He noted: “With this restructure we have made the business more lean, which is going to let us do the right thing for our fans and grow our communities in the most healthy ways possible.”
As the CEO said, making this choice was really difficult as a result of the incredible people who are going to be impacted. However, it was both essential and correct to “ensure a lean and efficient” corporation.
12% of Workforce Released by Dapper Labs
According to the data received from Growjo.com, the layoffs influence approximately 12% of the company’s workforce.
Regarding the cutoffs, Sports and NFT analyst Clegainz stated that the news has not occurred as a “huge surprise considering the current state of Web3 and the macroeconomic environment.” However, the post emphasized that Dapper Labs was not suffering alone, since numerous Web3 companies are currently in similar straits.
A Slump in the NFT Space
This announcement comes during an ongoing crypto winter that affected the Non Fungible Tokens (NFT) market. The NFT market is still struggling and is still not improving post-FTX resurgence as the rest of the crypto ecosystem.
Notably, this is not the first time the corporation has reduced its employment; in November 2022, a 22% downsize in the workforce was observed citing macroeconomic conditions, then a 20% reduction in staff in February 2023. Gharegozlou stated in November that the cuts “are necessary for the long-term health of our business and communities.”
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