Dapper Labs announces another layoff round as NFT winter continues

July 13, 2023 05:31 PM AEST | By Invezz

Dapper Labs announces another layoff round as NFT winter continues — Image source: Invezz

Dapper Labs layoffs staff amid struggling NFT market

Known for NBA Top Shot and CryptoKitties, Dapper Labs is a recognized NFT powerhouse. However, the deteriorated non-fungible token industry has seen the firm trimming its staff over the past year, with the latest affecting 51 employees.

Meanwhile, this represents the third layoff the firm has executed within the past year. In February, Dapper Labs reduced its staff by 20%, following November 22% employee layoff.

Garegozlou added that the restructure aims to streamline their business undertakings to ensure healthy communities and happy followers, promising striving developments.

“The path forward is ambitious, and there will be more challenges ahead, but the future is ours to build.”

The NFT sector continues to deteriorate, recording significant plunges in users and sales volume. For instance, Bored Apes collections failed to recover even as other crypto spaces saw a post-FTX revival.

Justin Bieber purchased an APE as the non-fungible token industry recorded eye-catching surges early in 2022. The musician paid a whopping $1.31 million to acquire the BAYC NFT. However, the lull marketplace welcomed massive slumps of 95%. The highest bidder wants to pay around $59,000 for Bieber’s art.

Justin Bieber purchased this #BoredApeYC #NFT in January 2022 for $1.31 million.

In today's market, it is worth $59,090.

How do i know? Use #UnleashNFTs by @bitsCrunch and keep up with the current market: https://t.co/Fc3CaHMpdo pic.twitter.com/vePd9obkO0
— Battleaxe 🇦🇺☠️🦇🔫🤖🧀🥚 (@GrimeMahpare) July 13, 2023

Indeed, NFT creators will have to find new ways to attract the community attention. Many market players believe non-fungible tokens are hype-based assets without real-world utility.

The post Dapper Labs announces another layoff round as NFT winter continues appeared first on Invezz.

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