Dapper Labs, NFT collection and technology company, has announced its third round of workforce reductions in less than a year.
Roham Gharegozlou, the CEO of Dapper Labs, said on July 13 that the company has parted ways with “51 talented coworkers and friends.”
Roham stated in a letter to employees that full-time employees and C1 contractors are included in the most recent round of layoffs.
He stated, “The decision was extremely difficult because of the wonderful individuals affected,” before stating that it was essential and the proper course of action to ” guarantee a lean and efficient” business.
However, Gharegozlou added that the Dapper Labs and Flow remained “well capitalised” before saying, “With this restructuring, we have made the company leaner, enabling us to act in the best interests of our fans and foster the development of our communities.”
According to overall employment statistics from Growjo.com, the reduction affects about 12% of the company’s workforce.
The corporation has reduced its workforce three times in less than a year, twice by 22% in November 2022 and 20% in February 2023
Dapper Labs created two of the well-known collectibles NBA Top Shot and CryptoKitties. The action coincides with a general decline in NFT markets and trade.
Additionally, the floor costs of many of the major blue-chip NFT collections have drastically decreased recently.
A sport and NFT analyst named “Clegainz” claimed it wasn’t a “huge surprise seeing the present condition of Web3 and the macroeconomic environment.” They continued by saying that Dapper Labs was not the only Web3 business experiencing this right now.
