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Creator of cryptocurrency NFT game CryptoKitties, Dapper Labs, cut 22% of employees as part of business reorganization
Canadian blockchain firm Dapper Labs, best known for creating the NFT game CryptoKitties, has laid off 22% of employees as part of a business reorganization. This is reported by the publication BetaKit, citing representatives of the company.
The stated percentage means that more than 130 employees left the company, but the details remain unclear. Dapper Labs founder Roham Garegozlow told employees that “today’s macroeconomic environment” is hindering the full development of Web3.
“These cuts are the last thing we want, but they are necessary for the long-term healthy development of our business,” Garegozlow said.
In addition to the cuts, Dapper Labs also changed the way they do business. As Garegozlow noted in the message, the Canadian company will now focus on its products with the goal of “maximizing profit.” What exactly is at stake, the head of Dapper Labs did not specify.
The layoffs at Dapper Labs come amid a protracted decline in the non-fungible token (NFT) market, which the company’s projects are focused on. Apart from CryptoKitties, the company has also developed NBA Top Shot, UFC Strike and others.
Recall that earlier the editorial office wrote that, according to the Dune Analytics service, at the beginning of October, the volume of NFT trading in dollar terms amounted to $419 million, although in January this figure was just over $17 billion. The drop in trading volumes has continued for the sixth month in a row. The only month when NFT trading volumes were still growing was April. Then, compared with March, the figure increased by 23% to $8.5 billion.
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