Layoffs continue in the crypto sector! This time it’s Candy Digital. Candy Digital is the second NFT-focused company to lay off employees in recent months after the company lost several shares.
According to reports, Candy Digital, a gaming and entertainment NFT startup founded in 2021 and spent $1.5 billion in the same year, has eliminated most of its operations. Reports indicate that CandyDigital has cut more than a third of its nearly 100 employees this year, due to the volatility of the crypto market and a high level of disruption in NFT trading volumes.
Candy Digital’s former national content manager, Matthew Muntner, confirmed the news on Twitter.
Candy Digital
The startup describes itself as “a next-generation digital collections company that provides digital assets for fans and collectors.”
They are key in creating NFTs. In their own words, “Our team of world-class artists, designers and technologists create a variety of digital collections, starting with game content and extending to art, entertainment, music, and more!”
Michael Rubin, executive vice president of gaming company Fanatics, along with Galaxy Digital founder and CEO Mike Novogratz and entrepreneur and investor Gary Vaynerchuk, founded Candy Digital in June 2021. consider the enthusiasts as the main owner at that time, he also said that he will promote. Candy from its current customers. Candy Digital announced in October 2021 that it had raised $100 million at a $1.5 billion valuation in a Series A investment led by Insight Partners and Softbank’s Vision Fund 2.
Mass displacement
Candy Digital is the second NFT-focused company to lay off employees in recent months after the company lost ground due to the declining crypto market and the economic crisis. NFT trading has declined significantly since the beginning of the year, with around 87% lower overall trading volume in October compared to January.
NFT prices also fell. Dapper Labs, the maker of NBA Top Shot and NFL All Day, one of Candy’s main competitors in the NFT gaming industry, laid off about 22% of its workforce earlier this month. In July, OpenSea, the world leader in the NFT market, laid off 20% of its employees.
