Dapper Labs Lays Off 51 as NFT Market Stays Chilly
The newest cuts are the third round for the company in the past year.
Jul 13, 2023 at 5:51 a.m. UTC:format(webp)/cloudfront-us-east-1.images.arcpublishing.com/coindesk/B4MMNIWRDFB47DOY7U7SBSK46E.jpeg)
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Dapper Labs CEO Roham Gharegozlou confirmed on Twitter that the company has laid off 51 staff amidst a prolonged crypto winter in the non-fungible token (NFT) market.
This is the third round of layoffs the company has gone through in the last twelve months. In February, it announced it was laying off 20% of its staff, while in November, it cut 22% of its headcount.
“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,” Gharegozlou tweeted.
The NFT market continues to struggle through the crypto winter. As CoinDesk previously reported, sales volume and users on NFT marketplaces continue to decline while trading volume is struggling. The floor price of Yuga Lab's Bored Ape Yacht Club, a blue-chip NFT collection that is often used as a proxy for market health, hit a 20-month low earlier this month.
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