Dapper Labs, a crypto startup specializing in NFT, reveals a shocking decision to lay off 20% of the full-time staff. This decision is made for restructuring needs of the company. This suggests that the trend is not good in the crypto market.
Indeed, while the recent rise in the Bitcoin (BTC) price has given some people hope that the crypto sector is on the rise again, unfortunately many crypto companies are still facing a down cycle that is taking hold for the long haul.
On February 23, Roham Gharegozlou, CEO of Dapper Labs made an announcement that shocked more than one employee of this crypto company. Dapper Labs (FLOW), a blockchain startup known for its CryptoKitties or the NFT NBA Top Shot, has just announced that it will lay off 20% of its current staff.
As part of this restructuring, we have made the difficult decision to part ways with team members representing 20% of full-time employees, writes Roham Gharegozlou.
The change did not impact those who did not receive notification. This is the second round of layoffs for Dapper Labs after having to let go of 22% of its employees in November of last year due to growing too fast.
Dapper Labs is taking the brunt of a slumping crypto market where NFT trading has also collapsed in recent months.
However, the CEO of Dapper Labs is keen to reassure investors by stating that the company is in a “strong cash position with no outstanding debt.”
The announcement of Dapper Labs’ layoffs comes as the Polygon blockchain project (MATIC) has also just laid off 20% of its staff.
