Dapper Labs lays off 51, cites prolonged crypto winter in NFT market

Home » Dapper Labs lays off 51, cites prolonged crypto winter in NFT market

  • 51 Dapper Labs employees have been laid off in the recent layoff.
  • This is the third round of layoffs for Dapper Labs.
  • It made prior layoffs in November and February.

In the midst of a protracted crypto winter in the Non-Fungible Tokens (NFT) market, Dapper Labs CEO, Roham Gharegozlou, on Thursday morning Asia time through a tweet said that the company has let go of 51 employees.

The company has gone through three rounds of layoffs in the past twelve months. It made the announcement to fire 22% of its workforce in November 2022, and 20% of its employees in February this year.

Restructuring Dapper Labs

In today’s tweet, Roham said:

“We said goodbye to 51 brilliant colleagues and friends today @dapperlabs… We remain fully dedicated to our core communities and committed to building amazing products that push the world forward together. If you’re looking to hire some of the most incredible people in Web 3 – look no further. We will have a list of individuals to share by Monday (requires opt-in).”

Roham went ahead to state that the restructuring they made makes the business more lead, which is going to let them do the right thing for their fans and grow their communities in the healthiest ways possible.

The NFT market continues to struggle

The NFT market has not experienced the same post-FTX recovery as other sectors of the crypto economy and is still experiencing difficulties. NFT trading volume is struggling while sales volume and users on NFT marketplaces continue to decline.

The value of some of Bored Apes’ Apes, a blue chip NFT collection not produced by Dapper Labs but can be used as a proxy for market health, has decreased by as much as 80%. It was recently revealed that a BAYC NFT awarded to Justin Bieber had lost more than 95% in value.

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