Crypto hiring: NFT woes spell trouble for Dapper Labs, CFTC makes major hire
NFTs haven’t recovered from last year, and Dapper Labs’ latest layoffs reflect the market
Startups in the NFT space are still feeling the effects of the crash in the crypto market last year that sent trading volumes plummeting after they reached a fever pitch in April 2022.
Among those : Dapper Labs, which announced Wednesday it had laid off 51 full employees and contractors.
CEO Roham Gharegozlou tweeted an internal memo that fleshed out the reasoning behind the job cuts.
“This decision was incredibly difficult because of the amazing people affected but it is necessary and the right thing to do to ensure a lean and efficient Dapper Labs,” Gharegozlou wrote.
He continued: “We are setting the company up to both serve our customers in a sustainable way and to innovate and push the boundaries of technology forward for many years to come.”
Gharegozlou stressed that Dapper Labs and Flow, the company’s blockchain, are “well capitalized.” Additionally, he clarified that Flow is funded separately from Dapper Labs and that the Flow team will have cash for “several years” to continue operations.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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