Non-Fungible Tokens (NFTs) Sales Strong This Year NFT firms and markets are feeling the pain associated with the second-largest cryptocurrency winter ever, according to a report released Monday and “multiple people familiar with the situation.” NFT company Candy Digital has laid off more than a third of its staff, according to the company.
After raising $100 million in 2021, report says Candy Digital cut a third of its workforce after a year
On Monday, Sportico’s sports business reporter Eben Novy-Williams reported that NFT company Candy Digital has laid off the majority of its workforce, according to people familiar with the decision. There is. The Sportico article details that about a third of his 100 staff at Candy Digital have been laid off, according to a person familiar with the matter.
Candy Digital is his NFT marketplace backed by Fanatics and powered by Michael Novogratz of Galaxy Digital and Gary Vaynerchuk, business entrepreneur and creator of his NFTs. Candy Digital will launch in June 2021, at which point the company announced a long-term partnership with Major League Baseball (MLB).
Sportico details that the publication’s news team reached out to both Candy Digital and collectibles giant Fanatics, but both declined to comment on the alleged layoffs. The news comes at a time when both NFT sales and overall interest in NFTs have dropped significantly since early 2022.
However, NFT sales have been stable since October, and in November he was at 22% of NFT sales. Exceeded October sales volume. Candy Digitalwas able to raise $100 millionlast year and has a post-mortem valuation of $1.5 billion following a capital raise on October 21, 2021.
Last year, it infused Candy Digital with investors including Insight Partners, Softbank, Peyton Manning, Gainels and Will Ventures. NFT platforms aren’t the only crypto businesses to free up staff as the entire crypto industry has been plagued with job cuts all year long.
NFT In the world of Dapper Labs, the blockchain company behind popular NFT collections NFL All Day and NBA Top Shot,cut 22% of its workforce at the beginning of November. 37 employees were working. Last July, Opensea, his NFT marketplace with the largest overall sales volume, cut his 20% of the company’s staff.
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