Dapper Labs Reduces Staff by 22% as NFT Market Crashes

Dapper Labs to Reduce Staff

Gharegozlou stated in a statement to staff that was publicly available online that these cutbacks are the last thing thing that they would like to do. However, they are vital for long-term sustainability. He further stated that Dapper Labs is aware that web3 and cryptocurrency are the future waves in an extensive range of businesses. The organization is not entirely in control of the timing, given the macroeconomic circumstances of the day. The CEO also claimed that the business expanded too quickly from 100 to over 600 personnel in less than two years and hindered Dapper Labs from being as integrated, flexible, and community-driven as the company needed.

Dapper Labs senior VP of marketing Dave Feldman wrote on Twitter that today is a bittersweet day as the company bid summarizes and concludes to several very brilliant, kind, and selfless coworkers.

Sales Drop in NBA Top Shot

The announcement comes after it was reported that NBA Top Shot, the most prominent NFT marketplace operated by Dapper Labs, had a drop in monthly sales of roughly two years due to a general decline in the digital collectibles marketplace. The corporation is highlighting ways it expects to assist individuals who have lost their employment with today's statement.

The Objective of the Step

Gharegozlou stated that to help resigning staff members, the company has worked to build a set of perks that allows people to receive pay, health care, and other incentives from Dapper Labs while pursuing the next opportunity. Some of the measures include alumni assistance, a public talent directory, resume and career guidance, and a three-month severance package.