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Dapper Labs Lays Off 51 as NFT Market Stays Chilly

Sam Reynolds

 

Dapper Labs CEO Roham Gharegozlou confirmedNon-Fungible on Twitter Thursday morning Asia time that the company has laid off 51 staff amidst a prolonged crypto winter in the Non Fungible Tokens (NFT) market.

 

This is the third round of layoffs the company has gone through in the last twelve months. In February, it announced it was laying off 20% of its staff, while in November, it cut 22% of its headcount.

 

 

“With this restructure we have made the business more lead, which is going to let us do the right thing for our fans and grow our communities in the most healthy ways possible,” Gharegozlou tweeted.

 

The NFT market continues to struggle and has not seen the same post-FTX recovery as other parts of the crypto economy. As CoinDesk previously reported, sales volume and users on NFT marketplaces continue to decline while trading volume is struggling.

 

Bored Apes, not made by Dapper Labs but a blue chip NFT collection that be used as a proxy for market health, have seen the value of some of their Apes drop by upwards of 80%.

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