Dapper Labs cuts 22% of staff due to bear market

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Dapper Labs receives $305 million in new funding round

Dapper Labs NBA Top Shot sales fell to $2,6 million from $224 million in February 2.

One of the biggest names in the Non Fungible Token (NFT) industry is dramatically reducing headcount as the crypto bear market continues to take its toll on Web3 companies.

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Dapper Labs, the company that created the NBA Top Shot on the NFT market, announced today that it will lay off 22% of its employees, citing the reason “macroeconomic environment.”

“These cuts are the last thing we want to do, but are necessary for the long-term health of our business and community. We know web3 and crypto are the future across many industries – with a 1000x potential from here in terms of adoption and impact – but today’s macroeconomic environment we don’t fully control.” Dapper Labs Founder and CEO Roham Gharegozlou write in a blog post .

Gharegozlou writes that the company grows too fast, which makes it impossible “as connected, agile and community driven as we need to be.”

At the same time, on-chain data shows that market interest in Dapper Labs products is waning.

On NBA Top Shot, October sales reached 2,6 million dollars, down from $40,8 million during the same time last year. 

NBA Top Shot generated $224 million worth of NFT transactions in February 2, across 2021 unique buyers and 80.822 million transactions.

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