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With non-fungible token (NFT) sales much lower than they were at the start of the year, NFT companies and marketplaces are feeling the pain of the second biggest crypto winter to date. According to a report published on Monday and “several people familiar with the situation,” NFT company Candy Digital is laying off more than a third of the firm’s employees.
On Monday, Sportico’s sports business reporter Eben Novy-Williams reported that NFT firm Candy Digital “is shedding a large portion of its workforce, according to multiple people familiar with the decision.” Sportico’s article notes that about a third of Candy Digital’s 100 employees are being let go, people familiar with the matter said.
Candy Digital is a fanatic-backed NFT marketplace that is also backed by Galaxy Digital’s Michael Novogratz, and business entrepreneur and NFT creator Gary Vaynerchuk. Candy Digital launched in June 2021 and at that time the company revealed a long-term partnership with Major League Baseball (MLB).
Sportico says the publication’s news team reached out to both Candy Digital and collectibles giant Fanatics, but both companies declined to comment on the alleged layoffs. The news comes at a time when NFT sales and general interest in NFTs have both declined a lot since the start of 2022.
However, NFT sales have been flat since October, and November’s NFT sales were 22% higher than October’s sales volume. Candy Digital was able to raise $100 million last year, and it received a post valuation of $1.5 billion after the capital raising that took place on October 21, 2021.
There were ten investors who committed capital to Candy Digital last year, including investors such as Insight Partners, Softbank, Peyton Manning, Gaingels and Will Ventures. The NFT platform is not the only crypto business to have let go of staff, as the entire crypto industry has been plagued with layoffs all year.
In the NFT world, Dapper Labs, the blockchain company behind popular NFT collections NFL All Day and NBA Top Shot, cut 22% of its workforce in early November. Last July, the largest NFT marketplace in terms of total sales volume, Opensea, cut 20% of the company’s staff.
What do you think about Candy Digital laying off about a third of the NFT company’s employees? Let us know what you think about this topic in the comments section below.
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