Report: NFT Firm Candy Digital Cuts Over a Third of the Company’s Staff

Report: NFT Firm Candy Digital Cuts Over a Third of the Company’s Staff

Report: NFT Firm Candy Digital Cuts Over a Third of the Company’s Staff

With non-fungible token (NFT) gross sales lots decrease than they had been at the beginning of the 12 months, NFT firms and marketplaces are feeling the ache related to the second-largest crypto winter thus far. According to a report revealed on Monday and “multiple people familiar with the situation,” the NFT firm Candy Digital is shedding over a 3rd of the agency’s workers.

After Raising $100 Million in 2021, Report Says Candy Digital Cuts a Third of Its Employees a Year Later

On Monday, Sportico’s sports activities enterprise reporter Eben Novy-Williams reported that the NFT agency Candy Digital “is laying off a large chunk of its workforce, according to multiple people familiar with the decision.” Sportico’s article notes that roughly one-third of Candy Digital’s 100 workers members are being let go, the individuals conversant in the matter detailed.

Candy Digital is a Fanatics-backed NFT market that’s additionally bolstered by Galaxy Digital’s Michael Novogratz, and the enterprise entrepreneur and NFT creator Gary Vaynerchuk. Candy Digital launched in June 2021 and on the time the corporate revealed a long-term partnership with Major League Baseball (MLB).

Sportico particulars that the publication’s information crew reached out to each Candy Digital and the collectibles large Fanatics, however each corporations declined to remark concerning the alleged layoffs. The information comes at a time when NFT gross sales and total curiosity in NFTs are both down a great deal because the begin of 2022.

NFT gross sales, nevertheless, have been regular since October, and November’s NFT gross sales had been 22% higher than October’s gross sales quantity. Candy Digital was in a position to raise $100 million final 12 months, and it gained a $1.5 billion post-valuation after the capital increase that occurred on Oct. 21, 2021.

There had been ten traders that funneled capital into Candy Digital final 12 months, together with traders resembling Insight Partners, Softbank, Peyton Manning, Gaingels, and Will Ventures. The NFT platform isn’t the one crypto enterprise that has let staff go as the complete crypto business has been plagued with staff reductions all 12 months.

In the world of NFTs, Dapper Labs, the blockchain agency behind the favored NFT collections NFL All Day and NBA Top Shot, slashed 22% of the corporate’s workforce at the beginning of November. Last July, the most important NFT market by way of total gross sales quantity, Opensea, cut 20% of the corporate’s workers.

What do you consider Candy Digital shedding roughly a 3rd of the NFT firm’s staff? Let us know what you consider this topic within the feedback part under.

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