One of the biggest names in the Non Fungible Token industry is dramatically reducing its headcount as the crypto bear market continues to take a toll on Web3 companies., announced today that it is laying off 22% of its staff, citing the"macroeconomic environment."
"These reductions are the last thing we want to do, but they are necessary for the long-term health of our business and communities.
"The refocusing of our organization will let us achieve every milestone sustainably: web3-native, mobile-first, and community-driven," Gharegozlou wrote. At the same time, on-chain data shows that market interest in Dapper Labs' products is declining, following a broader trend of investors shying away from NFTs., October sales volume came in at $2.6 million, down from $40.8 million during the same time last year. During the height of NFT mania, the NBA Top Shot marketplace generated $224 million worth of NFT trades in February 2021 across 80,822 unique buyers and 1.2 million transactions.
Dapper Labs' layoffs are just the latest in a wide range of headcount reductions across the industry. In recent weeks firms like
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