NFT Firm Candy Digital Cuts Over a Third of the Company’s Staff – Eben Novy-Williams, a sports business reporter for Sportico, wrote on Monday that the NFT company Candy Digital is laying off a significant portion of its personnel, according to various sources familiar with the matter. Sportico’s report reveals that around one-third of Candy Digital’s 100 employees are being laid off, the people familiar with the matter detailed.
Candy Digital is a Fanatics-backed NFT marketplace that’s also bolstered by Galaxy Digital’s Michael Novogratz, and the business entrepreneur and NFT creator Gary Vaynerchuk. Candy Digital launched in June 2021 and at the time the company revealed a long-term partnership with Major League Baseball (MLB).
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Sportico reports that the publication’s news staff reached out to both Candy Digital and the collectibles giant Fanatics for comment on the alleged layoffs, but both companies declined to comment. The announcement comes at a time when both NFT sales and general interest in NFTs have declined significantly since the beginning of 2022.
NFT sales have been consistent since October, and November’s sales volume was 22% higher than October’s. Last year, Candy Digital was able to raise $100 million, and after its capital raise on October 21, 2021, it was valued at $1.5 billion.
In the past year, Candy Digital received funding from ten investors, including Insight Partners, Softbank, Peyton Manning, Gaingels, and Will Ventures. The NFT platform is not the only crypto business to have laid off employees this year, as the whole crypto industry has been hit by staff reductions.
Dapper Labs, the blockchain business behind the popular NFT collections NFL All Day and NBA Top Shot, reduced its workforce by 22% at the beginning of November. Opensea, the largest NFT marketplace in terms of total sales volume, laid off 20% of its workforce in July.
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