Dapper Labs makes 3rd round of cuts in 9 months amid NFT slump

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Nonfungible token assortment and know-how agency Dapper Labs has introduced its third spherical of employees layoffs in lower than a 12 months.

On July 13, Dapper Labs CEO Roham Gharegozlou introduced that the agency has stated goodbye to “51 good colleagues and mates.”

In a observe to workers, he stated that the newest spherical of cuts contains full-time employees and C1 contractors.

“The choice was extremely troublesome due to the superb individuals affected,” he stated earlier than including that it was crucial and the suitable factor to do to “guarantee a lean and environment friendly” firm.

Gharegozlou nevertheless reiterated that the Dapper Labs and Stream remained “nicely capitalized” earlier than including:

“With this restructure now we have made the enterprise extra lean, which goes to allow us to do the suitable factor for our followers and develop our communities in probably the most wholesome methods doable.”

The reduce represents round 12% of the corporate’s employees based on complete worker figures from Growjo.com.

It’s the third employees reduce by the corporate in lower than a 12 months following a 22% downsize in workers in November 2022 and a 20% reduce in employees in February 2023.

Cointelegraph reached out to Dapper Labs for additional feedback however had not heard again on the time of publication.

Associated: Dapper Lab’s NBA High Shot Moments might qualify as a safety, says US choose

Dapper Labs is understood for growing well-known collectibles akin to CryptoKitties and NBA High Shot.

The transfer comes amid a broader hunch in NFT markets and buying and selling. In April Cointelegraph reported that NFT markets had been “out of stability,” with sellers dominating.

Moreover, most of the large blue chip collections have seen large declines in flooring costs in latest months.

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